Latest news with #MazoonMining
Zawya
25-05-2025
- Business
- Zawya
Bank Nizwa extends strategic financing to Oman's largest integrated copper concentrate project
Muscat: In a significant milestone underscoring its commitment to the nation's diversification goals, Bank Nizwa, the leading and most-trusted Islamic bank in the Sultanate of Oman, has announced its participation in a syndicated financing agreement supporting the development of the Sultanate's largest integrated copper concentrate project, led by Mazoon Mining—a subsidiary of Minerals Development Oman (MDO). Bank Nizwa's contribution of US$ 35 Million, to the total syndicated financing of US$ 270 Mn, reinforces the bank's commitment to support transformative national projects through Sharia-compliant financing. Formalized during the prestigious Rawabit Forum, hosted by the Oman Investment Authority, the agreement underlines the bank's strong confidence in Oman's mining sector as a driver of sustainable growth for the nation and its broader objective in continued promotion of Sharia-compliant investments contributing to Oman Vision 2040. Commenting on the bank's involvement, Mr. Saif Al Rawahi, Acting DGM – Wholesale Banking at Bank Nizwa, stated, 'Our participation in this pivotal financing agreement is a reflection of our strategic intent to be at the forefront of Oman's economic transformation. At Bank Nizwa, we view mining as a vital industry in Oman's diversification agenda, offering scalable investment opportunities with strong value multipliers across the national economy. Our financing of this project illustrates our dedication to providing Islamic banking solutions that facilitate industrial growth while upholding principles of sustainability and transparency. This initiative also underscores our outlook on Oman's emergence as a competitive player in the global minerals market, particularly in sectors propelled by clean energy transition and technological advancement. As a pioneering Islamic financial institution, we continue to structure forward-looking financing solutions that align with national priorities and elevate the nation's position within the global economic landscape." Mazoon Mining's Copper Concentrate Project represents a strategic convergence of resource potential and sustainable innovation. Positioned to support Oman's vision of becoming a regional leader in copper concentrate production, the project addresses growing global demand for copper—an essential component in renewable energy infrastructure and advanced electronics. With sustainability at its core, the initiative features a zero-liquid-discharge system and state-of-the-art waste management technologies, fully aligned with Bank Nizwa's ESG principles and ethical financing mandate. Through this partnership, Bank Nizwa is enabling the development of high-value mining assets that balance global market relevance with local economic and social priorities. The project is also poised to create direct and indirect employment, foster SME participation, and drive broad-based economic growth within the community. Bank Nizwa's participation in this landmark transaction underscores its growing reputation as a trusted partner for transformative, high-impact initiatives across priority sectors. Through its Sharia-compliant contribution to Oman's largest copper concentrate project, the bank is reinforcing a resilient financial structure, one that balances risk, supports industrial expansion, and aligns with long-term national development imperatives.
Trade Arabia
24-05-2025
- Business
- Trade Arabia
Bank Nizwa extends strategic funding to major Oman copper project
Bank Nizwa, a leading Islamic bank in Oman, has announced its participation in a syndicated financing agreement supporting the development of the sultanate's largest integrated copper concentrate project, led by Mazoon Mining - a subsidiary of Minerals Development Oman (MDO). Bank Nizwa's contribution of $35 million, to the total syndicated financing of $270 million, reinforces the bank's commitment to support transformative national projects through sharia-compliant financing. Formalized during the prestigious Rawabit Forum, hosted by the Oman Investment Authority, the agreement underlines the bank's strong confidence in Oman's mining sector as a driver of sustainable growth for the nation and its broader objective in continued promotion of Sharia-compliant investments contributing to Oman Vision 2040. On the bank's involvement, Saif Al Rawahi, the Acting DGM – Wholesale Banking at Bank Nizwa, said: "Our participation in this pivotal financing agreement is a reflection of our strategic intent to be at the forefront of Oman's economic transformation." "At Bank Nizwa, we view mining as a vital industry in Oman's diversification agenda, offering scalable investment opportunities with strong value multipliers across the national economy. Our financing of this project illustrates our dedication to providing Islamic banking solutions that facilitate industrial growth while upholding principles of sustainability and transparency," stated Al Rawahi. "This initiative also underscores our outlook on Oman's emergence as a competitive player in the global minerals market, particularly in sectors propelled by clean energy transition and technological advancement. As a pioneering Islamic financial institution, we continue to structure forward-looking financing solutions that align with national priorities and elevate the nation's position within the global economic landscape," he added. Mazoon Mining's Copper Concentrate Project represents a strategic convergence of resource potential and sustainable innovation. Positioned to support Oman's vision of becoming a regional leader in copper concentrate production, the project addresses growing global demand for copper - an essential component in renewable energy infrastructure and advanced electronics. With sustainability at its core, the initiative features a zero-liquid-discharge system and state-of-the-art waste management technologies, fully aligned with Bank Nizwa's ESG principles and ethical financing mandate. Through this partnership, Bank Nizwa said it is enabling the development of high-value mining assets that balance global market relevance with local economic and social priorities. The project is also poised to create direct and indirect employment, foster SME participation, and drive broad-based economic growth within the community. Bank Nizwa's participation in this landmark transaction underscores its growing reputation as a trusted partner for transformative, high-impact initiatives across priority sectors, said Al Rawahi. Through its sharia-compliant contribution to Oman's largest copper concentrate project, the bank is reinforcing a resilient financial structure, one that balances risk, supports industrial expansion, and aligns with long-term national development imperatives, he added.
Zawya
21-05-2025
- Business
- Zawya
Mazoon Mining gets $270mln to develop Oman's largest copper project
Mazoon Mining, a subsidiary of the state-backed Minerals Development Oman (MDO), has secured funding and awarded contracts to develop the country's largest copper concentrate project. The $270 million funding was secured from Sohar Islamic Bank, National Bank of Oman, Qatar National Bank, Bank Nizwa, Ahli Bank, and Ahli Islamic Bank, the company said in a statement. No financial terms of the facility were disclosed. The company signed contracts with ASYAD Group for transport and logistics, Oman National Engineering and Investment Company (ONEIC) for power line and substation works and STRABAG Oman for bulk earthworks. 'The funds cover nearly 60 percent of the total project cost, and the signing of the construction and service packages ensures that work proceeds as per the established schedule,' said Mattar bin Salim Al Badi, CEO of MDO. Located in the Wilayat of Yanqul, Al Dhahirah governorate, the project covers 20 sq km and aims to produce around 115,000 tonnes of copper concentrate annually. Al Badi said that Canada's Lycopodium has been named the Engineering, Procurement, and Construction Management (EPCM) contractor, while equipment supply agreements have been signed with Finland's Metso. (Writing by P Deol; Editing by Anoop Menon) (
Yahoo
19-05-2025
- Business
- Yahoo
Mazoon Mining Secures USD 270 Million in Strategic Financing and Signs Key Contracts for Oman's Largest Copper Concentrate Project
MUSCAT, Oman, May 19, 2025 /PRNewswire/ -- 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. Photo - View original content:
Associated Press
19-05-2025
- Business
- Associated Press
Mazoon Mining Secures USD 270 Million in Strategic Financing and Signs Key Contracts for Oman's Largest Copper Concentrate Project
MUSCAT, Oman, May 19, 2025 /PRNewswire/ -- 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: 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. Photo - View original content to download multimedia: SOURCE Minerals Development Oman (MDO)
