Oman signs three mineral exploration deals worth $500 million

Oman's Ministry of Energy and Minerals has announced that it has signed three new agreements for mineral exploration and mining, worth a combined $500 million.

In a statement released by the government news agency on Aug. 12, the ministry characterized the deals as part of a broader push to expand the country's mining sector and boost domestic production.

It added that the agreements reflect the government's strategy to position mining as a central pillar of its long-term plan to expand the economic base, while advancing sustainable growth.

The agreements also reflect broader regional trends among Gulf Cooperation Council members seeking to reduce dependence on hydrocarbon revenues through mining sector growth, particularly as global demand for critical minerals increases in line with the material demands of the global energy transition.

Under the first agreement, Gulf Mining Materials Company will explore and develop a concession area in Al Buraimi Governorate, covering 1,089 square km known for ophiolite rock formations and signs of copper and chromium deposits.

The other two agreements, signed with Novel Muscat International Company, cover two concession areas in Al Wusta Governorate. They focus on raw materials such as salts, silica, limestone, and various clays.

Minister of Energy and Minerals, Salim Nasser Al Aufi, said that the projects are expected to contribute to diversifying the economic base and raising the mining sector's contribution to Oman's national GDP.

Oman's mining sector development occurs alongside similar initiatives across the Gulf region, where countries including Saudi Arabia and the UAE have launched major mining investment programs. The regional focus on mining reflects both domestic economic diversification goals and recognition of growing global demand for critical minerals required for lithium-ion battery production and prominent renewable energy technologies.

Platts assessed CIF China clean copper concentrate treatment and refining charges at minus $41.70/mt and minus 4.17 cents/lb, respectively, on Aug. 13, unchanged from Aug. 12.