Oman Chromite, MDO partnership to unlock new chromite reserves

Oman Chromite, MDO partnership to unlock new chromite reserves

Oman Chromite Company, a publicly traded company listed on the Muscat Stock Exchange (MSX), has signed an agreement with Minerals Development Oman (MDO), the state-owned mining and minerals processing flagship of the Sultanate of Oman, for the joint exploration and prospection of chromite ore at two exploration sites located in the governorates of Al Batinah North and Al Buraimi.

The agreement was announced by Oman Chromite in a filing to the Capital Market Authority (CMA) and confirmed by MDO via a Twitter post on Thursday.

MDO, which is affiliated to Oman Investment Authority (OIA) – the integrated sovereign wealth fund of the Sultanate of Oman – already represents the government’s 15 per cent equity interest in Oman Chromite. The latter was established via Royal Decree in 1991 to exploit and monetize the country’s chromite deposits.

The joint investment agreement will enable Oman Chromite to ramp up its exploration and development of chromite deposits to help sustain production which hit a record 45,195 tonnes in 2021, up from 10,597 tonnes in 2020, registering an increase of 426 per cent.

“The increase in production was achieved as a result of the company’s efforts in the development of its exploration and mining operations and as a result