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Alara Resources ( (AU:AUQ) ) has shared an update.
Alara Resources has disclosed that its 51%-owned joint venture operator of the Al Wash-hi Majaza copper-gold mine in Oman, Al Hadeetha Resources LLC, has been served with legal proceedings in the Primary Administrative Circuit Court in Ibra. Sixteen local residents from nearby villages have filed a case against the company and several Omani government ministries seeking to suspend project-related activities, obtain compensation and invalidate the project’s licences. Al Hadeetha Resources disputes the claims, has engaged legal counsel in Oman and is defending the case, while operations at the Al Wash-hi Majaza project continue unchanged under existing licences and approvals, with Alara committing to update the market as the matter progresses.
The most recent analyst rating on (AU:AUQ) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Alara Resources stock, see the AU:AUQ Stock Forecast page.
More about Alara Resources
Alara Resources Limited is an Australian-based precious and base metals producer and explorer focused on operating the Al Wash-hi Majaza copper-gold mine and concentrate production facility in Oman. The company is also advancing several other Omani exploration projects through various joint ventures, including licences in Blocks 7, 8 and 22B, as part of its strategy to grow into a mid-tier minerals producer through low-cost, sustainable operations.
Average Trading Volume: 356,161
Technical Sentiment Signal: Sell
Current Market Cap: A$26.5M
Find detailed analytics on AUQ stock on TipRanks’ Stock Analysis page.