Snippet from the Critical annual report out this morning.
Sohar Copper Project Oman
During the reporting period, efforts were focused on divesting the Sohar Copper Project. Extensive due diligence was undertaken by various parties however, no binding agreement was reached.Given the Company's focus on its lithium assets, as well as the jurisdictional complexities and limited bona fide interest received in acquiring the Sohar Copper Project, the Company fully impaired the Project to $nil during H1 2023 and has deemed the asset as non-core.Subsequent to the end of the period, the Company was advised by the Ministry of Energy and Minerals, Sultanate of Oman, that the exploration licences over Block 4 and Block 5 had expired and would not be renewed as they had reached the end of their stated renewal period. The Company engaged the Ministry both via its regional management and its in-country partners, who subsequently reaffirmed the Ministry's position. While the Company retains its shareholdings and associated asset interests in Al Fairuz Mining LLC and Al Thuraya Mining LLC, the Company is currently engaged in discussions with the in-country partners and other company shareholders regarding the future of these business entities and associated assets.
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