Alara Resources' (ASX:AUQ) Al Hadeetha Resources joint venture has secured a loan of around $US15M from Sohar Bank International, funds previously set to be raised through an offtake pre-payment facility.
The precious metals explorer and developer says the money will go towards the Al Wash-hi Majaza copper-gold project-related consumables and other working capital needs ahead of the mine's revenue generation.
Alara Resources also says construction of the project's 1 million mt per year copper processing plant is approximately 75% complete, with the development maintaining a strong safety record.
Cold and hot commissioning is expected to commence from August, while commercial production is slated to start on September 27, 2023.