IslamicFinance.de

The Omani-Australian partnership Al Hadeetha Resources has secured funding to the tune of RO 10 million from Alizz Islamic Bank, which will support the financing of the formers copper-gold project. Australian-based mining firm Alara Resources is a majority investor in the project, which centres on the commercialization of an estimated 16 million tons of copper. These new financing arrangements signify another key milestone for the flagship Al Hadeetha Copper-Gold project in Oman. The funds will be used to procure major equipment for the copper processing plant at Washihi. Meanwhile, Al Hadeetha Resources has named Chinese state-owned enterprise China National Geological & Mining Corporation (CGM) as its Engineering Procurement Construction contractor. The project is expected to come into operation by Q1 2021.