Oman secures agreements to progress copper project: Minerals Development Oman’s (MDO) subsidiary Mazoon Mining has signed several agreements with local companies for its integrated copper concentrate complex in Yanqul Governorate, Oman News Agency (ONA) reported on Tuesday. The agreements cover logistics, power infrastructure, and EPC contracts.

Some financing bagged: Mazzon secured OMR 104 mn (USD 270 mn) from Sohar Islamic Bank, the National Bank of Oman, Qatar National Bank, Bank Nizwa, Ahli Bank, and Ahli Islamic Bank. The financing covers about 60% of the project’s investment ticket, ONA reported, citing remarks by MDO CEO Mattar Al Badi.

Who’s doing what: One agreement was signed with Asyad Group for transportation and logistics, another with the Oman National Engineering and Investment Company to develop an electricity network and substation, and a third with Strapec Oman to prepare the site for construction. Canada’s Lekpodium was awarded the EPC contract for the complex, while Finnish firm Metso will be supplying the production equipment needed.

About the project: The project — spanning an area of 20 sq km — has an estimated copperore reserves of 22.9 mn tons and is planned for operational launch in 1Q 2027. It will also feature a plant with an annual capacity of 2.5 mn tons of copper ore and 115k tons of copper concentrate.

MDO has been bullish on copper: The company is focusing on the country’s copper reserves in the states of Sohar and Liwa — both are home to around 2.78 mn tons of reserves — to raise copper ore’s annual production to 800k tons. This includes the modernization of already existing mines in the area and new explorations in concession areas spanning 23.6k sq km. MDO also began production in a new extraction site in Sohar earlier in 2024.

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