Latest news with #MineralsDevelopmentOman
Muscat Daily
13-05-2025
- Business
- Muscat Daily
Mazoon Mining inks contracts for Yanqul Copper Project
Muscat – Mazoon Mining Company, a subsidiary of Minerals Development Oman (MDO), on Tuesday signed construction and service package agreements with local contractors for the Yanqul Copper Concentrate Production Project in Al Dhahirah Governorate. The project's foundation stone was laid last November. The agreements were signed during the Rawabet Forum, organised by the Oman Investment Authority for its subsidiaries. The construction and service packages, awarded to several companies specialising in project implementation, include: a transportation and logistics services contract with Asyad Group, the national logistics arm; a contract for the development of the electricity grid and transformer station with Oman National Engineering and Investment Company (ONEIC); and a contract for initial site preparation works with Strabag Oman. Mazoon Mining Company also announced that it has successfully secured RO104mn in financing from a number of local and regional banks. This was achieved through a strategic partnership with several major banking institutions, including Sohar Islamic, National Bank of Oman, Qatar National Bank, Bank Nizwa, ahlibank, and Ahli Bank Islamic. The offering attracted strong interest from financial institutions and was more than twice oversubscribed, reflecting the project's position as one of the most attractive investment opportunities in Oman's mining sector. In a statement to Oman News Agency, Eng Matar bin Salem al Badi, CEO of Minerals Development Oman, said that securing the financing is a strategic milestone, confirming the project's readiness to move into the implementation phase. He noted that the financing covers approximately 60% of the total project value and that the signing of the construction and service packages marks a critical step towards keeping the project on schedule. He added that the project has undergone several preparatory phases, including the assignment of engineering, procurement, and supervision responsibilities to the Canadian firm Lycopodium. In addition, contracts have been signed for the supply of the main equipment for the copper concentrate plant with Metso, a global leader in processing and concentration technologies. Environmental sustainability is a key focus of the Yanqul Copper Production Project, which will implement a zero-water discharge system and advanced waste management solutions. It is also expected to deliver significant social and economic benefits, including job creation, support for small and medium-sized enterprises, and stimulation of the local economy. The project spans an area of 20 sqkm and aims to produce approximately 115,000 tonnes of copper concentrate annually, with a purity of up to 21.5%, based on proven reserves of approximately 22.9mn tonnes of copper ore.
Zawya
05-05-2025
- Business
- Zawya
Oman deal to set up $34mln industrial salt venture
Minerals Development Oman (MDO) has signed a strategic partnership agreement with Dev Salt to launch the Naqa Salt Project in Wilayat Mahout - set to become the largest industrial salt production initiative in the region. The agreement was signed by Eng Mattar bin Salim Al Badi, CEO of MDO, and Hirendrasingh Jhala, Chairman of Dev Global, in the presence of Ibtisam Ahmed Said Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion. The signing took place in collaboration with the Invest in Oman platform. Strategically located in Mahout, Al Wusta Governorate - within MDO's 51K concession area along the Arabian Sea — the project capitalises on ideal conditions for solar evaporation. Its proximity to Duqm Port further strengthens its export competitiveness to key global markets, particularly those relying on inputs such as bromine, caustic soda, and soda ash. The project will utilize sustainable, solar-powered evaporation technology to produce high-purity bromine-rich industrial salt. On the occasion, Al Farooji stated: 'We are pleased to support this partnership, which stands as a practical model for effective public-private collaboration. The Naqa Salt Project will advance the mining sector's alignment with Oman's economic diversification goals by attracting sustainable, clean-energy-driven investments. It also opens new pathways for SMEs to play a vital role in the national value chain. This aligns perfectly with the objectives of the Invest Oman platform, which seeks to attract high-impact investments and build strategic partnerships across value-added sectors - most notably mining, a key pillar of our national economy.' Eng Al Badi said: 'Naqa Salt represents a significant step for Oman's mining sector, establishing the region's largest facility for high-grade industrial salt production. Leveraging Mahout's unique natural sabkha formations, the project embodies a forward-thinking, eco-conscious approach to resource development. It reflects our unwavering commitment to sustainable growth and long-term economic and environmental impact.' 'With a planned investment of OMR13.4 million ($34.83 million), the project aims to produce 2 million tonnes of industrial salt annually. The evaporation ponds will span approximately 109 square kilometers, yielding salt with up to 99% purity—ideal for vital sectors such as chemicals, oil and gas, logistics, food, and pharmaceuticals. The project is targeting diversified international markets including India, Africa, Europe, and Asia.' Jhala commented: 'We are honoured to partner with MDO on this ambitious and strategically important project. Building on Dev Salt's expertise in delivering large-scale salt ventures across India and global markets, we are confident in the project's ability to meet growing demand while supporting industrial resilience and supply chain security in this key sector.' With global demand for industrial salt expected to exceed 372 million tonnes by 2027, the Naqa Salt Project positions Oman as a future-leading producer in the region. Beyond its industrial contributions, the project offers environmental value — its evaporation ponds will create habitats that attract migratory birds and marine life, laying the groundwork for potential eco-tourism development. - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
04-05-2025
- Business
- Trade Arabia
Oman deal to set up $34m industrial salt venture
Minerals Development Oman (MDO) has signed a strategic partnership agreement with Dev Salt to launch the Naqa Salt Project in Wilayat Mahout - set to become the largest industrial salt production initiative in the region. The agreement was signed by Eng Mattar bin Salim Al Badi, CEO of MDO, and Hirendrasingh Jhala, Chairman of Dev Global, in the presence of Ibtisam Ahmed Said Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion. The signing took place in collaboration with the Invest in Oman platform. Strategically located in Mahout, Al Wusta Governorate - within MDO's 51K concession area along the Arabian Sea — the project capitalises on ideal conditions for solar evaporation. Its proximity to Duqm Port further strengthens its export competitiveness to key global markets, particularly those relying on inputs such as bromine, caustic soda, and soda ash. The project will utilize sustainable, solar-powered evaporation technology to produce high-purity bromine-rich industrial salt. On the occasion, Al Farooji stated: 'We are pleased to support this partnership, which stands as a practical model for effective public-private collaboration. The Naqa Salt Project will advance the mining sector's alignment with Oman's economic diversification goals by attracting sustainable, clean-energy-driven investments. It also opens new pathways for SMEs to play a vital role in the national value chain. This aligns perfectly with the objectives of the Invest Oman platform, which seeks to attract high-impact investments and build strategic partnerships across value-added sectors - most notably mining, a key pillar of our national economy.' Eng Al Badi said: 'Naqa Salt represents a significant step for Oman's mining sector, establishing the region's largest facility for high-grade industrial salt production. Leveraging Mahout's unique natural sabkha formations, the project embodies a forward-thinking, eco-conscious approach to resource development. It reflects our unwavering commitment to sustainable growth and long-term economic and environmental impact.' 'With a planned investment of OMR13.4 million ($34.83 million), the project aims to produce 2 million tonnes of industrial salt annually. The evaporation ponds will span approximately 109 square kilometers, yielding salt with up to 99% purity—ideal for vital sectors such as chemicals, oil and gas, logistics, food, and pharmaceuticals. The project is targeting diversified international markets including India, Africa, Europe, and Asia.' Jhala commented: 'We are honoured to partner with MDO on this ambitious and strategically important project. Building on Dev Salt's expertise in delivering large-scale salt ventures across India and global markets, we are confident in the project's ability to meet growing demand while supporting industrial resilience and supply chain security in this key sector.' With global demand for industrial salt expected to exceed 372 million tonnes by 2027, the Naqa Salt Project positions Oman as a future-leading producer in the region. Beyond its industrial contributions, the project offers environmental value — its evaporation ponds will create habitats that attract migratory birds and marine life, laying the groundwork for potential eco-tourism development. - TradeArabia News Service
Zawya
01-05-2025
- Business
- Zawya
Oman: $33mln deal for major industrial salt venture in Mahout
Muscat – Minerals Development Oman (MDO) has signed a strategic agreement with India-based Dev Salt to launch the Naqa Salt Project in Mahout, Al Wusta, expected to become the largest industrial salt production facility in the region. The agreement was signed by Eng Mattar bin Salim al Badi, CEO of MDO, and Hirendrasinh Jhala, Chairman of Dev Global, in the presence of H E Ibtisam Ahmed Said al Farooji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry and Investment Promotion. The project, located within MDO's 51K concession along the Arabian Sea, will use solar-powered evaporation technology to produce high-purity, bromine-rich industrial salt. Its proximity to Duqm Port is expected to enhance export access to markets reliant on bromine, caustic soda, and soda ash. H E Ibtisam said, 'We are pleased to support this partnership, which stands as a model for public-private collaboration. The Naqa Salt Project will support economic diversification and attract clean-energy-driven investment. It will also create opportunities for SMEs to contribute to the national value chain.' According to Eng Badi, the RO13.4mn project aims to produce 2mn tonnes of industrial salt annually from evaporation ponds spanning 109sqkm. The salt will have up to 99% purity, targeting sectors including chemicals, oil and gas, logistics, food, and pharmaceuticals. Key export markets will include India among other Asian countries, besides Africa and Europe. Jhala said, 'With Dev Salt's experience in delivering large-scale projects, we are confident in meeting global demand while supporting supply chain security in the sector.' Global demand for industrial salt is projected to exceed 372mn tonnes by 2027. In addition to its industrial role, the project's evaporation ponds are expected to support biodiversity, potentially paving the way for eco-tourism in the area. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
30-04-2025
- Business
- Muscat Daily
RO13.4mn deal for major industrial salt venture in Mahout
Muscat – Minerals Development Oman (MDO) has signed a strategic agreement with India-based Dev Salt to launch the Naqa Salt Project in Mahout, Al Wusta, expected to become the largest industrial salt production facility in the region. The agreement was signed by Eng Mattar bin Salim al Badi, CEO of MDO, and Hirendrasinh Jhala, Chairman of Dev Global, in the presence of H E Ibtisam Ahmed Said al Farooji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry and Investment Promotion. The project, located within MDO's 51K concession along the Arabian Sea, will use solar-powered evaporation technology to produce high-purity, bromine-rich industrial salt. Its proximity to Duqm Port is expected to enhance export access to markets reliant on bromine, caustic soda, and soda ash. H E Ibtisam said, 'We are pleased to support this partnership, which stands as a model for public-private collaboration. The Naqa Salt Project will support economic diversification and attract clean-energy-driven investment. It will also create opportunities for SMEs to contribute to the national value chain.' According to Eng Badi, the RO13.4mn project aims to produce 2mn tonnes of industrial salt annually from evaporation ponds spanning 109sqkm. The salt will have up to 99% purity, targeting sectors including chemicals, oil and gas, logistics, food, and pharmaceuticals. Key export markets will include India among other Asian countries, besides Africa and Europe. Jhala said, 'With Dev Salt's experience in delivering large-scale projects, we are confident in meeting global demand while supporting supply chain security in the sector.' Global demand for industrial salt is projected to exceed 372mn tonnes by 2027. In addition to its industrial role, the project's evaporation ponds are expected to support biodiversity, potentially paving the way for eco-tourism in the area.
