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Oman-based Mawarid Mining LLC, a subsidiary of the Mohammed Al Barwani Group, has secured a 64 million rial ($166 million) Shariah-complaint facility to develop the sultanate’s first underground copper mining project.
Ahli Islamic is the key financier of the deal, which will support the development and expansion of Oman’s Al Ghuzayn-3 project. The transaction is supported by an offtake agreement with Trafigura Pte Ltd, an independent commodity trader, to facilitate revenue visibility.
Al Ghuzayn project aims to extract about 6.5 million tonnes of copper ore, with an expected mine life of seven years.
Mawarid Mining is a subsidiary of the Mohammed Al Barwani Group.
(Writing by Bindu Rai, editing by Seban Scaria)
