Oman adopts new strategy to develop minerals sector

Oman adopts new strategy to develop minerals sector

Muscat – Oman is adopting concrete steps to exploit the full potential of its mineral resources and be a leader in mining in the region. It has identified and offered 21,480sqkm of concession areas for mining of metals, including copper, gold and chromium, as well as industrial minerals like dolomite, silica, gypsum and limestone.

The Ministry of Energy and Minerals (MEM) and Minerals Development Oman (MDO), an affiliate of Oman Investment Authority, signed 12 exploration-to-mining concession agreements on Wednesday, paving the way for a new strategy to develop the mining sector.

The concession agreements are among projects that will contribute to enhancing the sector and economic growth in Oman, MEM stated.

H E Dr Mohammed al Rumhy, Minister of Energy and Minerals, said MEM is working towards the development and management of the minerals sector in an effective and professional manner in line with the sector’s aspirations as one of the economic diversification sectors.

“The ministry has adopted a new methodology to develop this sector by establishing mining concession agreements – including legal, technical and financial terms – of large areas similar to the practice in the oil and gas sector. These areas will be offered to local and international companies specialised in exploration