Omani ministry signs nickel extraction agreement with UK’s Knights Bay

Omani ministry signs nickel extraction agreement with UK’s Knights Bay

Oman’s Ministry of Energy and Minerals signed a mining concession agreement with British company Knights Bay to extract nickel and its derivatives with high purity. The agreement is to obtain a concession right in mining area No. 21, located in the Wilayat of Ibra in the North A’Sharqiyah governorate. It is the first mining agreement with a foreign investor. The extraction process will be carried out without any carbon emissions (zero carbon). Dr. Salah bin Hafeedh Al Dahab, Director General of Investment at the Ministry of Energy and Minerals, said that this agreement comes in line with the government’s approach to allocate mining concession areas to develop investment in the mineral sector. Initial investments related to the exploration and appraisal phase are estimated at around $25m to $30m in the first three years, to be spent to cover an area of 1,444 square kilometres, quoted the director general as saying on Thursday. This phase includes geological surveys and drilling of a number of exploratory and appraisal wells, as well as chemical analysis to confirm the quantities of mineral reserves, he added. Meanwhile, Brian Spratley, board chairman at Knights Bay said that the company seeks, through the agreement, to build, develop