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Oman Chromite Company (OCC) is targeting at least one to two new mining permits in 2026 from its 1,438-square-kilometre Area 11-A concession in Al Buraimi Governorate.
CEO Abdulmonem Bin Muhammad Al Murshidi said during a MSX discussion earlier this month that exploration activities are ongoing and have already yielded promising discoveries.
“We have three declarations of discoveries with the Ministry [of Energy and Minerals], and this year we hope to convert at least one or two of them into mining permits,” he said.
While he didn’t quantify the size of the discoveries, he said at least one of the three is likely to begin production by August.
The company had previously said that it expects the new license area to materially enhance its chromite ore reserves and support future production growth.
OCC had signed the concession agreement for Area 11-A with the Ministry in October 2024.
During the discussion, Al Murshidi also flagged rising freight costs amid current geopolitical conditions, noting that shipping and cargo insurance premiums for containers have increased sharply. He said talks are underway with buyers and logistics providers to shift exports to bulk shipments, with an agreement close to being finalised.
Production and sales rise
OCC increased production by nearly 20 percent year-on-year to 87,000 tonnes in 2025, representing the second-highest annual output in its history. Sales volumes rose to around 90,000 tonnes, also a record high compared with 75,000 tonnes in 2024.
Revenue remained broadly stable at 4.8 million Omani rials ($12.5 million), compared with OMR 4.9 million a year earlier, as lower market prices offset stronger volumes. The company said average selling prices declined due to weaker Chinese demand, elevated inventories at Asian ports and supply growth outpacing demand in the second half of the year. Net profit stood at OMR 522,000 ($1.4 million), equivalent to a margin of 10.7 percent of total revenues.
MDO partnership
Last month, local English language newspaper Oman Daily Observer had reported that Mineral Development Oman (MDO) is partnering with OCC to develop existing chromite deposits within the latter’s mining licenses. The initiative targets profit margins above 20 percent from chromite ore production and aims to position Oman as a reliable supplier of chromite ore and value-added products in Asia by 2030.
In February 2026, Zawya Projects reported that Oman will stop exporting chromium ore with a concentration below 36 percent starting mid-2026 as it moves to centralise mineral exports through a newly established state-backed marketing company.
(Writing by Anoop Menon; Editing by SA Kader)
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