Contracts
Inked for Oman’s Largest Copper Concentrate Project in Yanqul

Muscat,
13 May (ONA) —— Mazoon Mining, a subsidiary of Minerals Development Oman (MDO),
has successfully secured RO 104 million (USD 270 million) in strategic
financing from leading local and regional banks. In parallel, the company
signed a number of construction and service contracts with local contractors to
commence the development of Oman’s largest integrated copper concentrate
project.

The
agreement signings took place during the “Rawabit” Forum, organized by Oman
Investment Authority (OIA), underscoring strong institutional confidence in the
project’s strategic importance and its pivotal role in advancing the Sultanate
of Oman’s mining sector.

Located
in the Wilayat of Yanqul, A’Dhahirah Governorate, the project spans 20 square
kilometers and aims to produce approximately 115,000 tonnes of copper
concentrate annually, with a purity of 21.5%, based on confirmed reserves
estimated at 22.9 million tonnes of copper ore.

The
project’s financing was arranged through strategic partnerships with several of
the region’s foremost financial institutions: Sohar Islamic Bank, National Bank
of Oman, Qatar National Bank, Bank Nizwa, Ahli Bank, and Ahli Islamic
Bank.

The
offer attracted substantial interest and was oversubscribed by more than two
times, reflecting strong market confidence in the project’s long-term potential
and financial resilience. This achievement marks Mazoon Mining as one of the
most attractive and mature investment opportunities in Oman’s mining sector.

To
support project execution, Mazoon Mining signed a number of key construction
and service contracts, including: Transport and Logistics Services with ASYAD
Group, Oman’s national logistics arm; Power Line and Substation Construction
with Oman National Engineering and Investment Company (ONEIC); And Bulk
Earthworks with STRABAG Oman.

These
packages are expected to bolster local private sector participation, stimulate
economic activity, and enhance the project’s contribution to national value
creation.

Eng.
Mattar Salim Al Badi, CEO of MDO, stated: “Securing this financing represents a
strategic milestone that confirms the project’s readiness to enter the
execution phase. The funds cover nearly 60% of the total project cost, and the
signing of these construction and service packages ensures that work proceeds
according to the established schedule.”

He
added that the project has undergone extensive preparatory work, including the
appointment of Lycopodium (Canada) for EPCM (Engineering, Procurement, and
Construction Management), and the signing of equipment supply agreements with
Metso, a global leader in mineral processing solutions. These foundational
steps further strengthen the project’s capacity to meet its ambitious
objectives under MDO’s strategy to sustainably harness Oman’s mineral wealth.

With
global demand for copper surging—particularly across sectors such as renewable
energy and advanced technologies—the Mazoon Copper Project positions Oman as a
key regional hub for copper concentrate production, leveraging the Sultanate of
Oman’s strategic location and global market access.

The
project also places high emphasis on environmental sustainability,
incorporating a zero-liquid-discharge system and advanced waste management
technologies. Additionally, it will generate tangible socio-economic benefits,
including job creation, SME development, and broader stimulation of the local
economy.

MDO
currently holds 14 mining concessions covering an area of 23,763 square
kilometers, with a clear focus on the exploration and development of high-value
metallic minerals. This aligns with Oman Vision 2040, which seeks to build a
diversified and sustainable economy while maximizing value from the nation’s
natural resources.

——
Ends/AH