Latest news with #Block8
Zawya
16 hours ago
- Business
- Zawya
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. (
Al-Ahram Weekly
17-02-2025
- Business
- Al-Ahram Weekly
Egypt, Cyprus, Italy's Eni sign agreement to export gas to Europe via Egypt
Egypt, Cyprus, and Italian energy giant Eni signed a Host Government Agreement (HGA) in Cairo on Monday to develop and export gas from Cyprus' Cronos field to European markets via Egypt's infrastructure. According to Eni's official website, President Abdel-Fattah El-Sisi and his Cypriot counterpart Nikos Christodoulides chaired the signing ceremony held during the opening of the Egypt Energy Show (EGYPES 2025). This agreement marks a significant milestone in creating a gas hub in the Eastern Mediterranean, leveraging Egypt's existing hydrocarbon infrastructure while positioning Cyprus as a gas producer and exporter, Eni further noted. Additionally, it sets out a structured plan for the rapid development of the Cronos gas discovery off the coast of Cyprus. The gas will be sent to Egypt for processing at the existing Zohr field facilities before being liquefied at the Damietta LNG plant for export to European markets. Discovered in 2022 and later appraised in 2024, the Cronos gas field in Block 6 of Cyprus' Exclusive Economic Zone (EEZ) holds over three trillion cubic feet of gas. Eni, active in Cyprus since 2013, operates Block 6 with a 50 percent stake, along with Block 8, and holds interests in Blocks 7 and 11. The agreement was signed by Karim Badawi, minister of petroleum and mineral resources; George Papanastasiou, Cypriot minister of energy, commerce and industry; and Eni's CEO Claudio Descalzi. Meanwhile, Eni's CEO Descalzi stated that the agreement facilitates the swift commercialization of Cyprus' gas, enhancing energy security and supply competitiveness. He emphasized that the project takes advantage of Egypt's existing infrastructure, including its export facilities, which are crucial for regional energy developments. Descalzi also highlighted that Egypt and Cyprus are reaffirming their positions in the growing Eastern Mediterranean energy hub, which is expected to play a more prominent role in the global gas market in the future. Earlier on Monday, President El-Sisi inaugurated the eighth edition of EGYPES 2025 conference and exhibition, running from 17 to 19 February in Cairo. El-Sisi met with his Cypriot counterpart to discuss ways to enhance cooperation in natural gas production, liquefaction, and transportation, which would benefit both countries and support the European market. The Egyptian president also met with Eni's CEO, who reaffirmed Eni's commitment to its strategic partnership with Egypt. The CEO recognized the country's key role as a regional energy hub with significant potential for gas exploration and liquefied gas production. Short link:
