Latest news with #copperMining
Zawya
29-05-2025
- Business
- Zawya
Jordan approves 30-year copper mining concession: Report
Jordan has approved a 30-year agreement with Wadi Araba Minerals Company for copper mining in southern Jordan. The deal grants mining rights over a 25-sq-km area, with the extracted raw materials to be processed locally to maximise national economic returns, the Jordan Times reported, citing an official statement. The move aims to halt the export of unprocessed copper. Plans entail setting up a public shareholding company, with a portion to be floated on the local stock exchange, the report said, without providing further details. The government revenues from the project will be linked to international copper prices, the newspaper said. In March, Jordan offered several mining sites to investors in its Southern Aqaba areas. The country has set an ambitious target to expand the mining sector's contribution to GDP to nearly JOD 2.1 billion ($2.9 billion) in 2033 from around JOD 700 million ($980 million) in 2024, according to a report by the Energy and Mineral Resources Ministry. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
29-05-2025
- Business
- Zawya
Jordan: Cabinet approves copper mining agreement, expands customs fine exemptions
AMMAN — The Cabinet on Wednesday approved a number economic and regulatory decisions during its session on Sunday, including an executive agreement for copper mining, new customs fine exemptions, and progress on green hydrogen development. During a session chaired by Prime Minister JafarHassan, the Cabinet approved a 30-year executive agreement with Wadi Araba Minerals Company for copper mining in southern Jordan. Under the deal, the company will be registered as a public shareholding entity, with a portion of its shares to be offered for public subscription. The agreement, which covers 25 square kilometers, prohibits the export of raw materials, mandating local processing to maximize national economic benefit. Government revenues will be tied to global copper prices. Copper is classified as a strategic resource in Jordan, requiring a special concession law for its exploitation. The Cabinet also expanded customs fine exemptions to include cases discovered or documented before January 1, 2025. Fines may now be waived by up to 90 per cent, up from the previous cut-off of 2022. The decision aims to support investors, traders, and citizens by closing pending customs cases and accelerating revenue collection, aligning with Jordan's broader economic modernization goals. The Cabinet granted a five-year grace period to quarry operators in the alternative Samad area (zones 1, 2, and 3) to cease operations. No new licenses will be issued in the area, and existing operators must commit to site rehabilitation. The Energy and Minerals Regulatory Commission was tasked with studying incentive options for operators who exit the area ahead of schedule. Green hydrogen The Cabinet also approved a land-use agreement with Indian company Ocior Energy to conduct feasibility studies for a green hydrogen production project. The initiative is part of Jordan's ambition to become a regional hub for green hydrogen and ammonia, with several memorandums of understanding already signed. The initiative aligns with the Economic Modernisation Vision's 2020–2030 roadmapunder the sustainable resources pillar. The Cabinet also approved recommendations to resolve 419 outstanding tax cases between taxpayers and the Income and Sales Tax Department. The move is part of efforts to ease regulatory pressure on businesses and promote sustainable growth by enabling tax settlements and reducing obstacles to expansion. The Cabinet agreed to amend financing agreements under the results-based programmefor education sector reform and approved an increase of approximately JD7 million to the Ministry of Education's 2026 budget allocation. The programme aims to improve the learning environment, boost kindergarten enrolment, modernise assessments and exams, enhance the General Secondary Education Certificate Examination (Tawjihi), expand student registration support, and establish a National Centre for Innovation in Educational Technology and Artificial Intelligence. The Cabinet approved recommendations from the Settlement and Reconciliation Committee to resolve 419 pending tax cases involving companies and individuals, under the Income and Sales Tax Laws. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
The Independent
27-05-2025
- Business
- The Independent
The Supreme Court rejects a plea to block a copper mine on land in Arizona that's sacred to Apaches
The Supreme Court on Tuesday rejected an appeal from Apaches who are fighting to halt a massive copper mining project on federal land in Arizona that they hold sacred. The justices left in place lower court decisions allowing the transfer of the Tonto National Forest land, known as Oak Flat, to Resolution Copper, which plans to mine what it says is the second-largest known copper deposit in the world. The Trump administration has said it will push to complete the transfer. A group known as Apache Stronghold, representing the interests of certain members of the San Carlos Apache Tribe, has argued that the land transfer will result in the destruction of the site in violation of its members' religious rights. Apache tribes in Arizona consider Oak Flat, which is dotted with ancient oak groves and traditional plants, essential to their spiritual well-being. An estimated 40 billion pounds of copper could be mined over the lifetime of the mine, according to the U.S. Forest Service. The project has significant support in nearby Superior and other traditional mining towns in the area. The company estimates the mine will generate $1 billion a year for Arizona's economy and create thousands of local jobs. Resolution Copper is a subsidiary of international mining giants Rio Tinto and BHP. Congress approved a land swap in 2014 that would give Resolution Copper 3.75 square miles (9.71 square kilometers) of forest land in return for eight parcels it owns in Arizona. In the waning days of the first Trump administration, the U.S. Agriculture Department issued the required environmental review that would allow the land swap to proceed. Apache Stronghold sued in federal court to block it. With the change in administrations to President Joe Biden, the Agriculture Department, which includes the Forest Service, pulled back the review to further consult with Native American tribes. But the suit proceeded and a year ago, the federal appeals court in San Francisco split 6-5 to allow the land transfer to go forward, rejecting Apache Stronghold's arguments about religious freedom and its invocation of a 1852 treaty between the U.S. government and the Apaches. The five dissenting judges described the outcome as a tragic error that would result in 'the utter destruction' of the sacred site. The Forest Service already has provided the 60 days notice that it intends to re-issue the environmental review, as required by a court order.
Zawya
25-05-2025
- Business
- Zawya
Bank Nizwa extends strategic financing to Oman's largest integrated copper concentrate project
Muscat: In a significant milestone underscoring its commitment to the nation's diversification goals, Bank Nizwa, the leading and most-trusted Islamic bank in the Sultanate of Oman, has announced its participation in a syndicated financing agreement supporting the development of the Sultanate's largest integrated copper concentrate project, led by Mazoon Mining—a subsidiary of Minerals Development Oman (MDO). Bank Nizwa's contribution of US$ 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.
