Oman seeks to maximise profits from the mining sector

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The mining sector is one of the economic foundations that Oman Vision 2040 seeks to establish, and the outlook is even more promising with the publication of the Mineral Resources Law and the Ministry of Energy and Minerals’ commitments to attracting investments in this sector.

Oman’s mining sector is rich in copper, chromium, iron ore, manganese and non-metallic ores such as marble, limestone, gypsum, clay, silica and dolomitic sandstone. At the same time, it is also the world’s leading exporter of gypsum ore due to its high purity and large reserves of the mineral.

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The exploration of these minerals and the identification of their uses, together with actions such as the completion and development of Oman’s geological, geophysical and geochemical maps, aim to increase the contribution of mining to the gross domestic product (GDP). At the same time, among the actions undertaken by the Ministry is to maximise the benefits of the available resources with the primary objective of diversifying the sources of national income and capturing large quantities of minerals.

The Ministry also encourages new investments in productive activities that benefit from local minerals and the creation of mineral-based industries such as the glass industry and the production of copper alloys and metal industries.

Eng. Saud Khamis Al Mahrouqi, Director General of Minerals at the Ministry of Energy and Minerals, said that the Ministry has so far signed 16 agreements in the mining sector, of which 12 involve the concession of minerals to Oman Minerals Development Company. Al Mahrouqi pointed out that the Ministry plans to make mining in Oman a viable sector that enhances value-added chains.

Times of Oman