Muscat, Oman,, May 19, 2025 / Prnewswire / – Mazoon Mining, a subsidiary of Development Oman (MDO), obtained 270 million USD in strategic financing of the main local and regional banks. In parallel, the company has signed several construction and service contracts with omani entrepreneurs to start developing the largest copper concentrate project integrated into sultanate.
The agreements were signed during the Rawabit Forum, organized by the Oman Investment Authority (OIA), reflecting strong institutional confidence in the strategic importance of the project for Oman mining sector.
Located in the wilayat of Yanqul, governor of Al Dhahirah, the project covers 20 square kilometers and aims to produce around 115,000 tonnes of copper concentrate per year, with a purity of 21.5%, on the basis of confirmed reserves of 22.9 million tonnes of copper ore.
Funding was organized by partnerships with Sohar Islamic Bank, National Bank of OmanQatar National Bank, Bank Nizwa, Ahli Bank and Ahli Islamic Bank. The offer has been overwritten by more than twice, reflecting strong confidence of investors in the long -term value of the project. This success positions Mazoon Mining as one of the Oman The most promising investment opportunities in the mining sector.
To support the execution, Mazoon Mining has signed key contracts with:
- Asyad group for transport and logistics
- Oman National Engineering and Investment Company (ONIIC) for electricity and substation line work
- Strabag Oman for bulk earthworks
These plans should stimulate the participation of local businesses, support small and medium -sized businesses and improve economic impact.
Eng. Mattar bin salim al badiThe CEO of MDO, said: “The guarantee of this financing represents a strategic step which confirms the preparation of the project to enter the execution phase. The funds cover almost 60% of the total cost of the project, and the signing of these construction and services packages guarantees that the work takes place according to the established appendix”.
He added that the project underwent an important preparation, in particular the appointment of Lycopodium (Canada) As an EPCM entrepreneur and equipment supply agreements with Metso, a world leader in mineral treatment.
With global copper demand, in particular in renewable energies and advanced technologies, this project positions Oman as a key regional center. It also incorporates sustainable solutions such as zero liquid-upload systems and modern waste management. In addition to environmental responsibility, the project will generate jobs, will support SMEs and contribute to the objective of Oman Vision 2040 of a diversified and resource -based economy.
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Source Minerals Development Oman (MDO)
