Oman Chromite to invest RO 4.5m in new concession
Published: 02:10 PM,Oct 10,2024 | EDITED : 06:10 PM,Oct 10,2024
Publicly traded Oman Chromite is a key player in the country’s chromite mining sector
MUSCAT, OCT 10
In a move aimed at advancing Oman’s mining sector, the Ministry of Energy and Minerals inked a concession deal with Oman Chromite Company on October 9, 2024. The agreement, which covers the expansive 1,438-square-kilometer Area 11-A in northern Oman, sets the stage for significant exploration activities targeting chrome, copper, and other minerals.
The agreement was signed by Eng Salim al-Aufi, Minister of Energy and Minerals, and Humaid bin Masoud al Maqbali, Chairman of Oman Chromite Company. The company has committed to investing RO 4.5 million in the project, deploying state-of-the-art exploration and drilling technologies.
This partnership is part of a broader government strategy to develop the mining sector and attract companies with the technical expertise to turn mineral discoveries into sustainable economic projects. Oman Chromite Company’s involvement is key, as the first publicly traded Omani company in the mining field, with a track record of solid financial performance.
In a filing to the Financial Services Authority (FSA) on Thursday, al Maqbali highlighted the company’s commitment to expanding its operations and enhancing the value of its products, while also focusing on operational excellence and the development of its human resources. These efforts align with Oman’s Vision 2040, which places a strong emphasis on sustainable economic growth and workforce development.
This concession agreement marks a significant milestone in Oman’s quest to unlock the potential of its mining resources, further contributing to national economic prosperity.
In a move aimed at advancing Oman’s mining sector, the Ministry of Energy and Minerals inked a concession deal with Oman Chromite Company on October 9, 2024. The agreement, which covers the expansive 1,438-square-kilometer Area 11-A in northern Oman, sets the stage for significant exploration activities targeting chrome, copper, and other minerals.
The agreement was signed by Eng Salim al-Aufi, Minister of Energy and Minerals, and Humaid bin Masoud al Maqbali, Chairman of Oman Chromite Company. The company has committed to investing RO 4.5 million in the project, deploying state-of-the-art exploration and drilling technologies.
This partnership is part of a broader government strategy to develop the mining sector and attract companies with the technical expertise to turn mineral discoveries into sustainable economic projects. Oman Chromite Company’s involvement is key, as the first publicly traded Omani company in the mining field, with a track record of solid financial performance.
In a filing to the Financial Services Authority (FSA) on Thursday, al Maqbali highlighted the company’s commitment to expanding its operations and enhancing the value of its products, while also focusing on operational excellence and the development of its human resources. These efforts align with Oman’s Vision 2040, which places a strong emphasis on sustainable economic growth and workforce development.
This concession agreement marks a significant milestone in Oman’s quest to unlock the potential of its mining resources, further contributing to national economic prosperity.