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Alara Resources Limited

Publié le 19 mai 2016

Khnaiguiyah Zinc-Copper Project - Legal Update

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Mots clés associés :   Copper | Oman | Precious Metals | Zinc |

Khnaiguiyah Zinc-Copper Project - Legal Update



Wednesday, 18 May 2016


Alara Resources Limited (ASX: AUQ) (Alara or Company) provides this update on the case brought by United Arabian Mining Company LLC ('Manajem') against an Alara subsidiary before Saudi Arabia's Board of Grievances ("BOG") (the 'Case'). The Case involves disputes between the parties arising from the failed Alara-­‐Manajem joint venture for the Khnaiguiyah Zinc-­‐Copper Project in Saudi Arabia, incorporating a 26Mt JORC Ore Reserve (3.3% Zinc, 0.24% Copper) (the 'Project').

On 3 May 2016, Alara issued an update providing an overview of the Project, including an outline of the rise and fall of the earlier joint venture with Manajem, and insight into new avenues that have opened up for the Company relative to the Project. As indicated in that announcement, the Case continues to work its way through to a conclusion.

At the most recent hearing in the Case the judge asked Alara to provide an evidence brief connecting the dots between each of the documents Alara has submitted in support of its US$3,266,000 counterclaim against Manajem.

  • In 2010 and 2011 Alara made payments of US$3,266,000 to Manajem, this was over and above the

    >US$23,000,000 which Alara later invested on the Project, including the cost of the Definitive Feasibility Study.

  • Alara's counterclaim seeks the return of the US$3,266,000 it paid to Manajem for the transfer of the khnaiguiyah mining licence to the Alara-­‐Manajem joint venture company, i.e. Khnaiguiyah Mining Company ('KMC').

  • After Alara paid the US$3,266,000, Manajem reneged on its commitment to transfer the mining licence to KMC and this default eventually resulted in the undoing of the joint venture, as without the mining licence, KMC was unable to move the Project forward, notwithstanding the existence of a bankable, Definitive Feasibility Study completed by Alara per its commitments under the original 50:50 joint venture agreement with Manajem.

  • In response to the judge's direction, counsel for Alara are preparing an additional evidence brief explaining the purpose of the US$3,266,000 payments (i.e. consideration for transferring the mining licence) which are supported by banking receipts and other documents.

For its part, Manajem submitted a brief: (1) reiterating, but again failing to offer any evidence substantiating allegations of contractual breaches on Alara's part; and (2) requesting that BOG order the cancellation of the KMC Shareholders' Agreement and commercial/company registration.

Manajem may be seeking these cancellations to prevent Alara from claiming repayment of loans Alara made to KMC to enable KMC to operate. At this stage, with advice of counsel, Alara has chosen to defer any such claim and to focus the court's attention on Manajem's core breach. Alara achieves this by focusing its

counterclaim on a request for a judgment requiring Manajem to repay the US$3,266,000 it was paid to transfer the Project mining licence to KMC.

The next court date is scheduled for 25 May 2016.

For further information, please contact:

Justin Richard T | +61 8 9481 0389

Managing Director E | [email protected]

Elizabeth Hunt T | +61 8 9481 0389

Company Secretary E | [email protected]

About Alara Resources

Alara Resources Limited (ASX: AUQ) is an Australian-­‐based minerals exploration company with a portfolio of projects in Saudi Arabia and Oman. Alara has completed a Definitive Feasibility Study on the Khnaiguiyah Zinc-­‐Copper Project in Saudi Arabia, an Advanced Scoping Study on the Daris and Al Hadeetha Copper-­‐Gold Projects in Oman and a Feasibility Study for the Al Hadeetha Project, Washihi deposit. The Company is transitioning to establish itself as a base and precious metals mine development and production company. For more information, please visit: www.alararesources.com.

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Cours de l'or et de l'argent pour les pays mentionnés : Oman | Tous

Alara Resources Limited

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Alara Resources LTD est une société basée en Australie.

Alara Resources LTD est cotée en Australie. Sa capitalisation boursière aujourd'hui est 20,8 millions AU$ (15,0 millions US$, 13,2 millions €).

La valeur de son action a atteint son plus haut niveau récent le 14 janvier 2011 à 0,48 AU$, et son plus bas niveau récent le 05 juin 2015 à 0,01 AU$.

Alara Resources LTD possède 595 689 984 actions en circulation.

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Projets de Alara Resources Limited
12/08/2016Project Updates
Communiqués de Presse de Alara Resources Limited
03/08/2016Closure of Renounceable Rights Issue
15/07/2016Dispatch of Prospectus
12/07/2016Letter to Ineligible Shareholders
08/07/2016Prospectus - Renounceable Issue
08/07/2016Letter to Optionholders - Renounceable Issue
08/07/2016Further Information & Project Update - Al Hadeetha Project
13/06/2016Further Information - Mineralisation at Al Hadeetha Project
08/06/2016Oman Project Update
31/05/2016Project Updates
19/05/2016Khnaiguiyah Zinc-Copper Project - Legal Update
11/05/2016Oman Project Update
13/04/2016Board Appointment and Appendix 3X
01/04/2016Feasibility Study Update
18/01/2016Option Expiry
23/12/2015Potential Breakthrough on Khnaiguiyah Project
18/12/2015Project Update - Oman
01/12/2015Results of Meeting
24/11/2015Recent Developments in Saudi Arabia
18/11/2015Listing Rule Compliance
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