MUSCAT, Oman, May 19, 2025 -- Mazoon Mining, a subsidiary of Minerals Development Oman (MDO), has secured USD 270 million in strategic financing from leading local and regional banks. In parallel, the company signed several construction and service contracts with Omani contractors to begin developing the largest integrated copper concentrate project in the Sultanate.
The agreements were signed during the Rawabit Forum, organized by the Oman Investment Authority (OIA), reflecting strong institutional confidence in the project's strategic importance to Oman's mining sector.
Located in the Wilayat of Yanqul, Al Dhahirah Governorate, the project covers 20 square kilometers and aims to produce around 115,000 tonnes of copper concentrate annually, with a purity of 21.5 percent, based on confirmed reserves of 22.9 million tonnes of copper ore.
The financing was arranged through partnerships with Sohar Islamic Bank, National Bank of Oman, Qatar National Bank, Bank Nizwa, Ahli Bank, and Ahli Islamic Bank. The offer was oversubscribed by more than twice, reflecting strong investor confidence in the project's long-term value. This achievement positions Mazoon Mining as one of Oman's most promising investment opportunities in the mining sector.
To support execution, Mazoon Mining signed key contracts with:
- ASYAD Group for transport and logistics
- Oman National Engineering and Investment Company (ONEIC) for power line and substation works
- STRABAG Oman for bulk earthworks
These packages are expected to boost local business participation, support small and medium enterprises, and enhance economic impact.
Eng. Mattar bin Salim Al Badi, CEO of MDO, stated: "Securing this financing represents a strategic milestone that confirms the project's readiness to enter the execution phase. The funds cover nearly 60% of the total project cost, and the signing of these construction and service packages ensures that work proceeds according to the established schedule".
He added that the project has undergone significant preparation, including the appointment of Lycopodium (Canada) as the EPCM contractor and equipment supply agreements with Metso, a global leader in mineral processing.
With global demand for copper rising, especially in renewable energy and advanced technologies, this project positions Oman as a key regional hub. It also incorporates sustainable solutions such as zero-liquid-discharge systems and modern waste management. In addition to environmental responsibility, the project will generate jobs, support SMEs, and contribute to Oman Vision 2040's goal of a diversified, resource-driven economy.
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