Minerals Development Oman to advance eight key projects in 2022

Minerals Development Oman to advance eight key projects in 2022

Muscat - Minerals Development Oman (MDO), the state-owned mining and minerals processing flagship of the Sultanate of Oman, has outlined plans to progress as many as eight sizable projects and initiatives during 2022 that will further invigorate the country’s mining sector.

Details shared by Eng Nasser al Maqbali, CEO, at the recent briefing by subsidiaries and affiliates of Oman Investment Authority (OIA), point to investments planned in a number of upstream developments, centring on the exploitation of copper, limestone, dolomite, silica and sea salt resources. At the same time, a raft of downstream manufacturing activities involving the commercialisation of titanium and aluminium alloy products will be progressed during the year.

These plans come against the backdrop of a doubling of the value of MDO’s net assets to around RO 138.3 million in 2021, with net profits rising to RO 73.2 million for the year, officials noted.

A business plan drawn up by the company for the next five years enshrines a commitment to, among other things, ramping up mining exploration and development investments, developing a strong mineral resource base, and initiating downstream ventures that add value to locally produced raw materials.

Among the most ambitious of the projects set to move forward this year