Shareholder
Agreement Signed for Development of South Minerals Project

Muscat,
17 Nov (ONA) — Minerals Development Oman (MDO) announced the signing of
shareholder agreements with JSW Group, making it a key partner in South
Minerals Project — one of the most promising projects in the industrial
minerals sector.

The
move reflects Oman’s vision to strengthen its presence on the global minerals
trade map.

The
project entails an RO 204 million investment to develop an integrated value
chain for gypsum and limestone quarrying, and to construct a deepwater minerals
berth in A’shuwaymiyyah, located in the Wilayat of Shaleem and the Hallaniyat
Islands, with an annual handling capacity of 27 million tons. This project
strengthens the integration of the Omani ports network and streamlines supply
chains, making Omani exports more competitive in regional and international
markets. By increasing efficiency and supporting economic diversification, the
development directly aligns with the objectives of Oman Vision 2040.

The
South Minerals Project spans three concession areas covering a total of 1,500
square kilometers. These areas contain confirmed deposits of gypsum and
limestone, identified through intensive exploration activities conducted by MDO
over the past few years. The quarries will have an annual production capacity
of 30 million tonnes of gypsum and limestone. This enables increased exports of
industrial minerals, supporting the Sultanate of Oman’s industrial base and
generating additional revenue for Oman. The project will open new logistical
and industrial routes, enhancing the competitiveness of country, particularly
Dhofar Governorate. Overall, the project is expected to generate local
employment opportunities, stimulate supporting industries, and foster
sustainable economic growth in the region.

The
project benefits from substantial mineral reserves and advanced infrastructure,
enabling the establishment of downstream industries. It directly strengthens
value-added supply chains, which support regional industrial growth and drive
economic diversification, positioning the region for long-term prosperity.

On
this occasion, Abdulsalam bin Mohammed Al Murshidi, CEO of Oman Investment
Authority, stated: “South Minerals Project exemplifies Oman’s
investment-driven strategy. This model seeks to accelerate growth in the mining
sector across the value chain. It attracts foreign capital, enhances this key industry,
and drives Oman’s broad economic diversification.”

Eng.
Mattar Salim Al Badi, CEO of Minerals Development Oman, also remarked: “South
Minerals Project is a pivotal step in our strategy. It helps us develop the
mining industry and enhance national logistics capabilities. The project serves
as a hub for generating real economic value and fostering the competitiveness
of Omani exports. It also opens new avenues for growth. The development of the deepwater
minerals berth in A’Shuwaymiyyah aligns with national plans. These plans aim to
enhance shipping efficiency and upgrade the sector’s infrastructure.

Rinkesh
Roy, CEO of JSW Infrastructure, commented: “We are pleased to enter into a
strategic partnership with Minerals Development Oman. The Sultanate of Oman
provides a stable regulatory framework and robust investor support, thereby
enhancing the project’s potential for long-term success and economic value. The
association with MDO is a testament to our commitment to building world-class
maritime infrastructure that delivers long-term value for all stakeholders.”

—Ends/AG