Oman’s State-owned mining investment firm, Minerals Development Oman (MDO) has significantly expanded its project pipeline. As a result, it has boosted the Sultanates mineral resources industry in numerous ways. These include beneficiation, processing and manufacturing. Such efforts are highlighted in the company’s recently published 2024 Annual Report.
Oman Re-Enters Global Copper Market
Most importantly, in July 2024, the MDO resumed copper exports at the Lasail mine, marking Oman’s return to the global copper market after 30 years. Furthermore, the company also expanded the Mazoon Copper Project in Yanqul, where engineering works surpassed 30% completion. Production is scheduled for 2027. Moreover, The Sohar Titanium Project, where MDO holds a 35% stake, is under construction and will produce 150,000 tonnes of titanium dioxide annually. In Ash Shuwaymiyah, an OMR 290 million (USD753.28 million) industrial minerals project reached the feasibility phase. Other strategic initiatives include the Naqa Salt Project on the Arabian Sea coast and a GreenTech waste recycling plant in Suhar with Austrian partners. Further production facilities for ferrosilicon and magnesium metal are being explored using Oman’s quartzite and dolomite reserves.
Financial Strategy Updated and Investments Increased
In terms of its financial strategy, the Minerals Development Oman increased its subsidiary investments to OMR 102.5 million (USD 266.25 million) and maintained cash and fixed deposits of OMR 25.7 million (USD 66.76 million) at year-end. The company also boosted local content in 2024, which resulted in 29% of procurement spend (roughly OMR 6 million (USD 15.59 million) being awarded to SMEs. Furthermore, its Ring-Fencing Programme expanded to support Omani contractors and service providers.
Governance Updated and Aligned with New ESG Guidelines
On the governance front, the MDO adopted new ESG guidelines, social investment policies and completed a full audit plan. It also implemented a Business Continuity Management strategy. Most importantly, it recorded 795,319 safe working hours without time-loss injuries. Significantly, it became the first mining company in Oman to adopt the Himaya Digital Safety Platform subsequently increasing efficiency.
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