PERTH (miningweekly.com) – Metals miner Alara Resources has signed a heads of agreement with South West Pinnacle Exploration (SWPE) to form a new joint venture (JV) in Oman.
The ASX-listed company said on Monday that the JV would engage in drilling, exploration and mine development activities, and would offer these services to other mining or exploration companies in Oman and in the Gulf Cooperation Council, including on Alara’s other JVs.
Alara and SWPE will hold equal shares in the JV entity, with Alara telling shareholders that the final documentation on the transaction would be subject to regulatory requirements in Australia, India and the Oman.