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Al Hadeetha Copper-Gold Exploration Project
Development of Al Hadeetha Copper-Gold project, located in Dakhiliyah Governorate of Oman. The project is about Development of a copper-gold project with processing capacity of around 1 million tons of concentrates per year. The drill results provide further impetus to the recently completed feasibility study which estimates a free cash flow of million over 10 years in a conservative base case copper and gold production scenario. The drilling aims, among other things, to bring more of Al Hadeethas inferred resource into an indicated category as well as expand the resource. The drill results provide further impetus to the recently completed feasibility study which estimates a free cash flow. It is being implemented by Resources LLC, locally incorporated company that is 70% owned by Oman Operations Pty Ltd (a wholly owned subsidiary of Australian-based international mineral exploration company and local Investments LLC. The joint venture (JV) is aiming to explore copper deposits and associated gold ore in three exploration licenses - covering a total surface area of around 105 square kilometers. Targeted for initial exploitation is the license, which is estimated to hold 14 million tons of potential resources. According to the JV, steady progress has been made in its application for the crucial mining license from Public Authority of Mining. Approvals for the venture have already been provided by Ministry of Housing and Public Authority for Electricity & Water. The JV is also in the process of selecting a major project financing arrangement - this includes consideration of both Sharia-compliant and conventional banking products. The project is targeted for launch in third quarter of 2017.