Oman Secures Mining Deals Worth RO 192 Million: Key Opportunities for Investors and Entrepreneurs
The Ministry of Energy and Minerals has recently formalized three exploration and mining agreements with two specialized companies, marking a significant advancement for Oman’s mining sector. These agreements aim to maximize the value derived from mineral resources and attract investments to key geological areas.
This initiative aligns with the government’s broader strategy to diversify the economy, enhance local manufacturing, and create sustainable employment opportunities for Omani citizens.
The first agreement allocates exploration and mining rights in Concession Area 11-C, located in Al Buraimi Governorate, to Gulf Mineral Materials Company. Covering an area of 1,089 square kilometers, this concession is notable for its ophiolite rock series, which shows promising indicators of copper and chromium ore deposits. The initial phase, anticipated to last two to three years, will involve topographical mapping, geochemical and geophysical surveys, as well as drilling and exploratory trenching to assess the commercial viability of the mining operations.
The second and third agreements, signed with Novel Muscat International Company, pertain to Concession Areas 51-G1 and 51-G2 in Al Wusta Governorate. Area 51-G2, which spans 30 square kilometers, will see the development of an integrated industrial project that includes a production facility for salts and sodium carbonate (soda ash). This will utilize seawater transported to evaporation basins for drying and processing.
In Area 51-G1, covering 558 square kilometers, a facility for producing hydrated lime will be established. Initial efforts will focus on locating, assessing quality, and identifying reserves of raw materials within geological formations rich in silica, limestone, and various clays.
Overall, these projects represent a substantial investment of RO 192 million (approximately $500 million), which encompasses the establishment of industrial facilities, feasibility studies, and the implementation of mining plans that adhere to international standards.
Eng. Salim bin Nasser al Aufi, Minister of Energy and Minerals, underscored that the mining sector is a crucial driver of both economic growth and diversification in Oman. He emphasized that these agreements reflect the ministry’s commitment to attracting high-quality investments that can convert raw mineral resources into advanced manufacturing industries. This strategy aims to support national value chains and foster new opportunities for local talent.
Abdullah bin Ahmed al Hadi, CEO of Gulf Mineral Materials, highlighted the company’s successful history, including the development of a ferrochrome plant in Suhar in collaboration with international partners. The facility is set to increase its production capacity to 7,200 tonnes per month by 2026, with a focus on operational sustainability, technology localization, and the participation of small and medium enterprises.
Hamoud bin Said al Aufi, Managing Director of Novel Muscat International, stated that these projects will enhance Oman’s manufacturing sector by producing high-value products locally, thereby creating skilled jobs and supporting sustainable development.
The Ministry of Energy and Minerals sees these agreements as a vital part of its long-term vision to cultivate a robust, competitive mining industry, further solidifying Oman’s status as a regional hub for advanced mineral-based industries.
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اخیر exploration and mining agreements signed by Oman’s Ministry of Energy and Minerals signal a pivotal shift in the nation’s economic landscape, emphasizing the importance of maximizing the value of mineral resources. For کسب و کارها در عمان, this opens up significant opportunities for collaboration and investment in emerging sectors, particularly in local manufacturing and the development of high-value products. Strategic investors and entrepreneurs should consider aligning with these initiatives to tap into the growing demand for skilled labor and advanced manufacturing capabilities, positioning themselves as key players in Oman’s اقتصاد متنوع.
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