Mazoon Mining, an affiliate of Minerals Development Oman (MDO), has obtained USD 270 million in strategic financing for its copper concentrate project in the Al Dhahirah region of Oman. The financing was secured from local and regional banks such as Sohar Islamic Bank, National Bank of Oman, Qatar National Bank, and other financial institutions. The offer was heavily oversubscribed, reflecting strong investor interest and long-term confidence in the project.
The project spans 20 square kilometres and is expected to produce approximately 115,000 tonnes of copper concentrate annually, with a copper content of 21.5%, based on confirmed reserves of 22.9 million tonnes of ore. It represents a major milestone for Oman’s mining sector, involving a significant investment designed to establish the country as a regional centre for copper production.
Key contracts for the project were signed during the Rawabit Forum, organised by the Oman Investment Authority (OIA). Agreements include local companies such as ASYAD Group for transport and logistics, Oman National Engineering and Investment Company (ONEIC) for power line and substation work, and STRABAG Oman for bulk earthworks. These partnerships aim to boost the local economy, particularly by supporting Omani small and medium-sized enterprises (SMEs).
Strategic financing and contracts secured for the project
The USD 270 million in financing covers nearly 60% of the total project cost. Eng. Mattar bin Salim Al Badi, CEO of MDO, highlighted the importance of this achievement, marking the beginning of the project’s execution phase. He stated that the work would proceed according to schedule, supported by Canadian firm Lycopodium, which is managing engineering, procurement, and construction.
With global demand for copper increasing, especially for renewable energy technologies, the project strengthens Oman’s strategic position in the international market. Sustainable solutions, including a zero-liquid-discharge system and modern waste management practices, are integral to the project. It also aligns with Oman’s Vision 2040, which aims to diversify the national economy and maximise the utilisation of natural resources.
Significant local and economic impact
The project is expected to create thousands of jobs and enhance the country’s infrastructure, while supporting local SMEs. Beyond its direct economic impact on Oman, the initiative will contribute to the country’s energy strategy, particularly by supplying raw materials for clean technology and renewable energy sectors.
With both financial and institutional backing, Mazoon Mining is now positioned as a key player in Oman’s mining industry. The project could significantly reshape the future of mining in the region.
