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Observer
25-03-2025
- Business
- Observer
GME marks first trade on ACE
BUSINESS REPORTER MUSCAT, MARCH 25 Gulf Mercantile Exchange (GME), the leading international energy futures and commodities exchange in the Middle East, announced the first trade on its Alternative Crude Ecosystem (ACE). This innovative bilateral trading platform allows market participants to trade multiple crude grades seamlessly through the exchange. For the first time, Oman, Al Shaheen, Basrah Medium, Basrah Heavy, Dubai, Murban, and Upper Zakum, are all accessible on a single platform as differentials against the GME Oman sour crude futures benchmark. The milestone trade involved 500 contracts of Oman Crude Oil for delivery in May 2025. ACE provides traders with a groundbreaking opportunity to engage in bilateral trading of various Middle Eastern crude grades against GME Oman Futures. This functionality enhances market efficiency by enabling participants to execute multiple Over-the-Counter (OTC) crude transactions as differentials, further strengthening the role of GME Oman as a key benchmark. "The first ACE trade represents a significant evolution in the region's crude trading landscape," said Raid al Salami, Managing Director of GME. "For the first time, market participants can access a seamless, transparent, and efficient platform that integrates both futures and OTC trading. This empowers traders to optimize their portfolios, manage exposure across multiple crude grades, and capture new opportunities in an evolving energy market." With this latest offering, GME continues to reinforce its position as a global leader in energy trading, providing innovative solutions that meet the needs of the market while upholding the integrity and reliability of the GME Oman benchmark.
Observer
13-02-2025
- Business
- Observer
Mawarid exports maiden bulk shipment of copper concentrates
BUSINESS REPORTER MUSCAT, FEB 12 Mawarid Mining LLC, the mining arm of the MB Group of Companies, has announced the successful export of its first bulk shipment of copper concentrates produced at the Lasail Copper Concentrator using ore from the Al Ghuzayn Copper Mine. Around 7,500 wmt (wet metric tonnes) of copper concentrates, with a concentration of +18.5 per cent copper, were shipped from Sohar Port to China for further treatment and refining, under an offtake agreement with Trafigura PTE Limited. Mawarid continues the ramp up of the Al Ghuzayn Mine, supported by the mining contractor Gulf Rock Engineering LLC. To date, Mawarid has mined over 222,000 tonnes of ore and completed over 5,000 meters of underground primary and secondary development. Mawarid's Managing Director Tariq al Barwani said: 'Mawarid has been able to develop the Ghuzayn Mine and refurbish the Lasail concentrator with the support of our equity and debt partners, in collaboration with the various contractors working at each of the operations. We are particularly pleased with 1.0 million LTI-free work hours being achieved, showcasing our commitment to safe working processes and standards. The progress of the mine ramp up and achieving the 1st bulk shipment of 7,500 wmt, which is in accordance with the feasibility study, shows an excellent effort by the Mawarid team, our funding and contractual partners. Mawarid is not only focused on operational excellence but is also committed to contributing to the nation's socio-economic development and long-term growth in line with Oman's vision 2040 which includes a building a productive and diversified economy.' Mawarid Mining CEO Chris Jordinson stated: 'We are proud to continue producing the minerals necessary for the world's growth, especially considering the continued demand for copper in green energy. Thank you to all our stakeholders, partners, and supporters. Funding for the development of the Ghuzayn Project was in the form of equity from Mohammed Al Barwani LLC, debt facility from Oman Development Ban, in addition to a debt facility from Dhofar Islamic Bank LLC with pre-shipment and working capital facilities from Trafigura PTE Limited. Thank you to our lenders' trust in the Mawarid team to deliver the Project in accordance with the feasibility study parameters.' Mawarid's Lasail Concentrator is processing the Ghuzayn ore at a rate of 100 wmt per hour and producing saleable concentrate. The feed grade of the ore processed at the Lasail Concentrator is averaging 1.85% Cu, resulting in a concentrate grade of +19.0% Cu in concentrate, with a moisture level of 9.02%.
