New high-grade copper prospect unveiled in Oman's Block 8
MUSCAT: A UK-based mining firm currently leading the exploration of mineral resources in Block 8 in Oman's North Al Batinah Governorate has announced the discovery of a promising new copper prospect, with rock sampling returning copper concentrations as high as 7.84%.
Power Arabia Ltd, majority-owned by Power Metal Resources PLC — a London-listed exploration company with a global project portfolio — described the newly identified Al Maidar Prospect as a 'high prospectivity target.' This new discovery, along with the previously identified Al Mansur Prospect, underscores the Block's potential to host significant copper mineralization, company officials said.
The Block is currently held by a joint venture between Australian exploration company Alara Resources Ltd and Oman-based Awtad Copper LLC. However, in October last year, Power Metal Resources signed a provisional agreement with the JV to acquire a 12.5% stake in Block 8. Under the terms of the deal, Power Metal committed to investing approximately $740,000 in exploration activities to earn this stake.
'Exploration work, including rock chip sampling, mapping, and in-fill gravimetric geophysical surveying, has focused on two high-priority prospects — the Al Maidar and Al Mansur Prospects — both of which have the potential to host significant mineralization,' Power Metal Resources said in a statement.
Sean Wade, CEO of Power Metal Resources, commented: 'These results further underpin our confidence that these two key prospects have the potential to host significant mineralisation, whilst also demonstrating the wider potential for Block 8 to deliver value to stakeholders and shareholders.'
Atmavireshwar Sthapak, Managing Director of Alara Resources, added: 'We are pleased with the encouraging results from recent exploration activities undertaken by our partners in the Block 8 exploration licence. The Al Mansur Prospect, originally discovered by Alara in 2012–13, continues to demonstrate strong potential and has now progressed to the drill-testing stage. The discovery of the new Al Maidar Prospect by Power Metal further highlights the broader potential of Block 8 to host additional copper mineralisation. Alara is committed to advancing the exploration of Block 8 and intends to increase its stake in the joint venture through continued investment alongside Power Metal.'
According to Power Metal, rock chip sampling from the Al Maidar Prospect yielded copper concentrations of 7.84%, 4.7%, 2.8%, and 2.7%, showing a strong correlation with an associated structural feature. A full technical report has been submitted to the Ministry of Energy and Minerals in support of the project's licence renewal process.
Copper mining and processing is now a significant activity within Oman's rapidly growing mining sector. Leading players in this field include Minerals Development Oman (MDO) — the mining investment arm of the Oman Investment Authority (OIA) — and its subsidiaries Mawarid Mining and Mazoon Mining; Oman Mining Company; Green Tech Mining Services; and Al Hadeetha Resources, among others.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
2 hours ago
- Khaleej Times
Etihad Credit Insurance raises Dh174 million for SME growth
Etihad Credit Insurance (ECI), the UAE's federal export credit company, announced that its 'Xport Xponential' programme has helped raise Dh174 million in funding to support the growth of SMEs. The working capital was raised with the support of four of ECI's banking partners: First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, and Al Maryah Community Bank. ECI also remains committed to securing similar funding and capital for SMEs in collaboration with its other banking partners. The 'Xport Xponential' programme was launched to fulfil the dual objectives of catalysing SMEs' global expansion and driving SME financing with the help of partner banks. It was introduced during the third edition of 'Make It in the Emirates' (MIITE), held in May 2024, with the aim of accelerating the global expansion of UAE-based SMEs by offering financial support and ensuring their export readiness through innovative trade finance and credit insurance solutions. As many as 42 companies applied for the programme, out of which 10 were shortlisted based on rigorous evaluation criteria. These companies have collectively generated Dh2.1 billion in turnover to date and are now targeting expansion into four key markets—Indonesia, India, Saudi Arabia, and Oman—with a combined export potential of Dh31.3 billion over the next four years across ten vital sectors. Implemented in collaboration with 19 strategic partners, the programme exemplifies ECI's role in driving sustainable economic growth by connecting businesses with international opportunities and tailored trade finance solutions. The programme's closing ceremony was held under the patronage of Abdulla Bin Touq Al Marri, the Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance. The event aligns with the Ministry's mission to develop a flexible future economy and robust entrepreneurial ecosystem by facilitating investment and talent attraction. Bin Touq stated: 'The 'Xport Xponential' programme plays a pivotal role in advancing the UAE's ongoing efforts to increase the contribution of small and medium-sized enterprises to the country's non-oil GDP. It also directly supports the objectives of the 'We the UAE 2031' national strategy, which aims to increase non-oil exports to Dh800 billion and expand foreign trade volume to Dh4 trillion by the next decade. Moreover, with export and re-export activities between the UAE and countries with which we have Comprehensive Economic Partnership Agreements (CEPA), already exceeding Dh390.5 billion, the initiative leverages existing trade momentum to help SMEs unlock the untapped potential of these markets, particularly as the UAE continues to expand its economic and trade partnerships with key strategic markets worldwide.' Raja Al Mazrouei, CEO of Etihad Credit Insurance, highlighted ECI's role in empowering UAE-based businesses to compete on a global level. She stated that 'Xport Xponential' serves as a dynamic platform for local businesses and potential importers to connect. Al Mazrouei further stated that the programme identifies high-potential export markets for a wide range of products, allowing small businesses to expand globally with greater ease and confidence. She added: 'ECI's 'Xport Xponential' programme aligns with the UAE's strategic vision to diversify its revenue sources away from oil. It offers integrated financial and insurance solutions, particularly to SMEs, enabling them to scale internationally, while mitigating major export-related risks.' Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth and Privileged Client Banking Group at First Abu Dhabi Bank (FAB) said: 'First Abu Dhabi Bank is pleased to be a banking partner of 'ECI's Xport Xponential programme', an initiative that reflects the UAE's strategic vision for economic diversification and sustainable growth. We are strongly aligned with the Ministry of Economy's mission to foster a flexible, future-ready economy and a vibrant entrepreneurial ecosystem by enabling investment and attracting top talent. By empowering SMEs with access to working capital and innovative trade finance solutions, we are unlocking new opportunities for global growth. The programme strengthens the UAE's competitiveness and supports its ambition to expand trade across strategic international markets.' Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, stated: 'Commercial Bank of Dubai is proud to be a foundational partner in ECI's Xport Xponential programme. With a legacy of over five decades in backing the growth of the UAE, we continue to demonstrate our commitment today by empowering the nation's vibrant SME sector and creating tangible impact that supports the economic diversification and global competitiveness of the UAE. We look forward to continuing our work with ECI to unlock even greater opportunities for businesses across the Emirates, building on the significant momentum already achieved.' Mustafa Al Khalfawi, CEO of Ajman Bank, said: 'We are proud to be part of the 'Xport Xponential' programme in collaboration with Etihad Credit Insurance, which represents a significant milestone in empowering SMEs to access new growth frontiers. Our participation reflects Ajman Bank's unwavering commitment to supporting the UAE's national agenda, particularly Ajman Vision 2030 and We the UAE 2031, by providing Sharia-compliant financing solutions that enable local businesses to scale internationally. The Dh174 million in funding collectively raised through this initiative is a powerful testament to the strength of public-private sector collaboration. We will continue to build on this momentum by enabling innovative trade finance and expanding our role as a catalyst for sustainable economic development.' Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: 'We are proud to partner with Etihad Credit Insurance on the 'Xport Xponential' programme, which represents a significant milestone in empowering the UAE's SMEs to access global markets with confidence. At Al Maryah Community Bank, we are committed to offering fully digital, fast, and innovative financing solutions that simplify exporters' daily operations and enhance their global competitiveness. This initiative not only aligns with the UAE's vision to diversify its economy and boost non-oil exports but also opens new opportunities for local businesses in vital sectors to thrive internationally. We look forward to continuing our collaboration with ECI to ensure that manufacturers and exporters are equipped with the tools, knowledge, and capital they need to scale beyond borders.' Since the programme's inception, ECI's partnerships with government entities and banks have increased by 27 per cent, reflecting its role in nurturing a robust export-enablement ecosystem that connects the public and private sectors under a unified vision. Partnerships with leading financial institutions have helped facilitate consistent, reliable support and access to growth-oriented funding for UAE SMEs. ECI also hosted a workshop in January 2025 to offer the selected companies' essential tools and resources, further supporting their export growth journey. In addition, these companies belong to diverse economic sectors, showcasing the program's wide-reaching impact across key industries. Xport Xponential's vast partner list features 19 key strategic partners, including both federal and local entities, which are: the Abu Dhabi Department of Economic Development, Khalifa Fund for Enterprise Development, Dubai Department of Economy and Tourism, Dubai Airport Free Zone, Sharjah Chamber of Commerce and Industry, Ajman Department of Economic Development, Ras Al Khaimah Economic Zones, as well as Fujairah Department of Industry and Economy. Its financial and banking partners include Emirates Development Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, Ajman Bank, RAKBANK, National Bank of Fujairah, International Development Bank, Wio Bank, Al Maryah Community Bank and Reem Finance. It is also worth noting that since its inception, ECI has insured Dh21 billion in support of local exports and completed underwriting for premiums totalling Dh447 million.
Tahawul Tech
3 hours ago
- Tahawul Tech
Dubai's Omining unveils first African site in Kenya's Special Economic Zone
The DMCC-registered firm brings operational capacity and long-term planning to East Africa Dubai — Omining, the crypto infrastructure company based in Dubai and operating under the DMCC ecosystem, has expanded operations into Kenya. The company's newly established facility in the Kenyan Special Economic Zone (SEZ) makes it one of the first large-scale Web3 deployments in East Africa by a UAE-based entity. The company's entry comes as global technology players, including Microsoft, expand into Kenya's SEZ framework, with Google and Amazon reportedly completing due diligence for future presence in the region. Omining's new facility will serve as its operational hub, with a 90-megawatt capacity currently being expanded to 200 megawatts. It leverages Kenya's stable electricity costs, investor-friendly regulation, and growing global relevance. Naivasha, where the plant will run, offers other key advantages: a year-round temperate climate ranging from 6 to 30 degrees Celsius, a 100% tax-free regime within the SEZ, and a currency whose value is closely aligned with the US dollar – much like Dubai. 'We're witnessing the beginning of a revolutionary era – the democratisation of cryptocurrency mining. By enabling anyone to mine a currency without government control, we're participating in a groundbreaking movement that's reshaping the world's financial landscape,' said Francesco Colucci, Managing Partner at Omining. In under-electrified markets, crypto mining operations can play a broader role. Kenya has made significant strides in renewable energy generation, yet in rural areas, grid expansion often remains economically infeasible due to low demand. Omining's consistent, large-scale energy consumption and investments in the region can help stabilize long-term revenue for utility providers. This, in turn, adds to the long-term health of both infrastructure and access. 'The infrastructure we're building is about more than just scale,' said Lorenzo Calligaris, CTO at Omining. 'You need to be in environments that understand what you're doing and let you move fast, but responsibly. That's what we've had in Dubai, and now we're applying that playbook in Kenya.' Kenya's SEZ has emerged as a pragmatic alternative to more saturated destinations. Situated near Nairobi but free of its congestion, it is supported by strong logistics infrastructure. These fundamentals, combined with investor-friendly policies and reliable power supply, are beginning to shift how international firms perceive the region. Kenya's positioning as an SEZ destination is rapidly gaining traction across multiple industries because of a skilled labor pool, and growing integration with global digital trade systems. Recent public commentary from Kenneth Chelule, CEO of the SEZ Authority, referenced the potential of crypto mining firms like Omining to contribute to SEZ employment and energy monetisation. The early links between Dubai and destinations like Kenya are expected to evolve into deeper, more sustained digital-economic relationships. Omining's move is an early example of what those relationships could look like in practice.
Zawya
3 hours ago
- Zawya
‘Oman Oil' signs strategic partnership with ‘One More Drive' group
Muscat, Oman - As part of its ongoing efforts to build impactful partnerships and strengthen engagement with diverse customer segments, Oman Oil Marketing Company has signed a collaboration agreement with One More Drive Group. The signing ceremony took place on 23 June 2025 at the Oman Oil Airport Heights Service Station in Muscat. This first-of-its-kind partnership between a leading national fuel company and a local automotive group aims to empower Oman's community of driving enthusiasts through interactive programs and personalized experiences that align with their passion for performance. Through this collaboration, Oman Oil will support the group by offering them the opportunity to fuel their upcoming journeys with Ultimax 98, its premium high-octane fuel. Commenting on the This agreement reflects our commitment to redefining the traditional role of fuel marketers by embracing innovation and prioritizing customer experience. We believe in creating partnerships that speak to the aspirations of youth and resonate with the automotive culture in Oman. Through this collaboration, we continue to support modern lifestyles by delivering meaningful, on-the-ground experiences backed by our expanding network of 116 service stations offering high-quality Ultimax 98 fuel across the Sultanate." The next phase of the partnership will include a series of activations, on-site events, and digital campaigns, offering immersive experiences and direct engagement with One More Drive's active community of over 250 automotive enthusiasts across Oman. This initiative also reflects Oman Oil's ongoing vision to reimagine the role of service stations, transforming them into integrated lifestyle destinations that offer much more than fuel. By adopting innovative technologies to enhance everyday convenience, the company continues to evolve the customer experience across its growing network. The company also remains committed to meeting the needs of performance-focused drivers through specialized products like Ultimax 98, the only 98-octane, unleaded fuel available in Oman, formulated to deliver a superior driving experience while protecting engines and optimizing performance. About Oman Oil Marketing Company (OOMCO) Oman Oil Marketing Company (OOMCO) is a trusted leader in energy solutions, delivering innovative and customer-focused services across Oman and the GCC. Since its establishment in 2003, OOMCO has built an extensive network of service stations, convenience stores, and specialized offerings, providing high-quality fuels, lubricants, and retail experiences tailored to diverse needs. With a strong commitment to Oman Vision 2040, OOMCO supports initiatives that promote sustainability, health, and safety, ensuring positive impacts for communities and the nation.
