MUSCAT: Mazoon Mining Company, a subsidiary of Oman Minerals Development Company, has signed a series of construction and service agreements with local contractors to kick off the Yanqul Copper Concentrate Production Project in Al Dhahirah Governorate.

The contracts were signed during the “Rawabet” Forum, organised by the Oman Investment Authority (OIA) for its affiliated companies.

The agreements include a transportation and logistics contract with Asyad Group, the national logistics provider; a contract for electricity grid and transformer station works with Oman National Engineering and Investment Company (ONEIC); and a site preparation contract with Strapec Oman. These partnerships are expected to play a pivotal role in moving the project into the implementation phase.

In a major financial breakthrough, Mazoon Mining announced it had secured RO 104 million (approximately $270 million) in funding from a consortium of local and regional banks. The financing institutions include Bank Sohar Islamic, National Bank of Oman, Qatar National Bank, Bank Nizwa, Ahli Bank, and Ahli Bank Islamic. According to company officials, the offering was more than twice oversubscribed, reflecting strong investor confidence in the project’s commercial and strategic potential.

Engineer Matar bin Salem al Badi, CEO of Minerals Development Oman, described the financing as a strategic milestone that will cover around 60 per cent of the total project value. He noted that the signing of the construction and service contracts ensures that the project remains on track for timely execution.

The Yanqul project has undergone several preparatory stages, including the assignment of engineering, procurement, and construction supervision responsibilities to Canadian firm Lycopodium. In addition, contracts have been signed with Metso, a leading global supplier of processing equipment, for the main components of the copper concentrate plant. Designed with sustainability at its core, the project will adopt a zero-water discharge system and employ advanced waste management technologies to minimize environmental impact.

Beyond its technical and environmental features, the project is expected to deliver substantial socio-economic benefits by creating employment opportunities, supporting small and medium enterprises, and stimulating local economic activity in the Al Dhahirah region. Covering an area of 20 square kilometers, the Yanqul Copper Concentrate Production Project aims to produce approximately 115,000 tonnes of copper concentrate annually with a purity of up to 21.5 per cent. The output is based on proven copper ore reserves estimated at 22.9 million tonnes, making it one of the most significant developments in Oman’s mining sector.

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