Oman's mineral sector has made significant progress in exploration, drilling, project development, and investment opportunities. The country is focused on utilizing its mineral resources to meet market demands and enhance its industrial capacity, showing notable advancements in various key areas.
Minerals Development Oman (MDO), the mining sector investment arm of Oman Investment Authority (OIA), plays a crucial role in unlocking the potential of this industry. The 2023 Annual Report of OIA, released recently, highlights the key achievements of MDO in the past year.
One of the notable accomplishments of MDO is the 80% completion rate of the aerial geophysical survey program. This initiative aims to establish a strong foundation of mineral resources to meet market requirements. The program has already led to significant discoveries, including 48.7 million tonnes of copper ore. Furthermore, the copper project in the Wilayat of Yanqul has been integrated into the broader project agenda, with a total reserve of 8.7 million tonnes of copper ore.
The exploration endeavors have extended beyond copper, as evidenced by the recent discoveries of chromite ore totaling 163 thousand tonnes. Moreover, substantial reserves of solid silica, amounting to 99 million tonnes, and industrial clay kaolin, totaling 4.1 million tonnes, have been identified. These findings highlight a diverse mineral wealth that holds great potential for various industrial applications.
MDO's dedication to advancing the mineral sector is further demonstrated through significant project developments. The final investment decision for the copper project in Yanqul has been made, and the signing of the engineering, procurement, construction, and management tender is expected to take place soon. This decision marks a crucial milestone in realizing the project's potential and bringing substantial economic benefits to the region.
Simultaneously, MDO has initiated efforts to redevelop the Al-Aseel and Al-Baidha mines, which are estimated to contain approximately 2.8 million tonnes of copper reserves. Additionally, construction has commenced on the titanium dioxide plant in the Sohar Free Zone. This project signifies a strategic move towards diversifying the industrial base and enhancing the value-added processing of minerals.
MDO is actively pursuing strategic partnerships to advance its mineral sector goals. Specifically, there are intentions to conduct feasibility studies for a manganese production project in the Wilayat of Sur. This initiative aims to utilize the area's manganese resources and generate new economic prospects.
Furthermore, in-depth assessments for the Shuwaymiyah Industrial Minerals Project are close to finalization. This project envisions the creation of a new export port and an industrial zone, complete with supporting mines and services. Such infrastructure enhancements are essential for streamlining mineral exports and fostering industrial expansion.
An attractive investment prospect has arisen through a partnership agreement with a local company to establish an annual production of around 1.5 million tonnes of gypsum ore in the Wilayat of Thamrait.
Oman's mineral sector is also making progress in promoting local employment. The Omanization rate in the sector is currently at 74%, showcasing a strong dedication to incorporating Omani citizens into the workforce. This approach not only bolsters local employment but also ensures that the benefits of mineral resource development are widely distributed throughout the community.
