Oman’s ahlibank announced on Sunday that it advised on a $400 million dual-currency syndicated loan backing Mazoon Copper Project, the Sultanate’s largest copper mining development, marking the financial close of the mega project.

The transaction involved the structuring and coordination of a dual-currency, multi-tranche syndicated loan exceeding 154 million Omani rials ($400 million), comprising both conventional and Islamic financing tranches, the bank said.

The financing included participation from ahlibank and ahli islamic, alongside a group of local financial institutions.

Mazoon Copper Project, located in the Wilayat of Yanqul, Al Dhahirah Governorate, is Oman’s largest integrated copper concentrate initiative, spanning 20 square kilometres (sq. km.) and boasting estimated reserves of 22.9 million tonnes of copper ore.

The Project, which broke ground in the fourth quarter of 2024, will comprise five open-pit mines and a processing plant, with copper concentrate production expected to start from 2027.

Once operational, the project is expected to support rising global demand for copper and position Oman as a strategic producer of high-quality copper concentrate.

“The Mazoon Copper Project represents a pivotal step in strengthening Oman’s non-hydrocarbon industrial base and securing its position within global critical minerals supply chains,” Hanaa Al Kharusi, senior general manager for wholesale banking at ahlibank, said.

In its advisory role, ahlibank supported the transaction across the full financing lifecycle, including including transaction structuring, lender engagement and coordination, and execution management, ensuring alignment between sponsor objectives, lender requirements, and the project’s long-term operational and financial sustainability, according to the press statement.

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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