Alcoa-Buru deal over

AN innovative pre-purchase gas sales agreement for gas expected to be discovered in the Canning Basin, struck between Alcoa and Buru Energy's predecessor ARC Energy, has effectively ended after eight years, with Buru on the hook to repay $30 million over the next three years.

In 2007 ARC and Alcoa struck an agreement under which the junior explorer was to supply up to 500 petajoules of gas to Alcoa at a gas price that reflected the long-term commitment between the parties