First mining venture for Oman
Oman recently kicked off its first mining venture. Earlier this year, Oman Oil Company (OOC), the state’s investment arm in the energy sector, signed a memorandum of understanding with Mawarid Mining and Oman Mining Company to develop the Yanqul copper project.
The project is located in the northern part of Oman, close to the city of Ibri. When the feasibility study is successfully completed, the project will be split between OOC with a 41 percent stake, Mawarid Mining with 49 percent and the rest belonging to Oman Mining Company.
The Yanqul project is important for the country as its development would support metal-based industrial projects in Oman and further support OOC’s diversification strategy to boost long-term investment opportunities in the infrastructure, power and mining sectors.