What is the strategy all about?
In July 2017 SRK were appointed by the Public Authority for Mining (PAM) as lead consultant of a consortium with Wood Mackenzie Limited and Mayer Brown LLP to deliver a multi-disciplinary review of the Oman mining sector and develop a strategy to support the sector's development over the next 10 years, laying the foundation for its long-term sustainable growth.
What were the priority results that were expected to be achieved from the strategy?
The strategy highlighted the opportunities to create a more attractive commercial environment for interested developers and operators, whilst also identifying a range of opportunities in a variety of commodity value chains, that if fulfilled, would significantly increase the Mining sector's contribution to the Oman economy. The strategy also provided recommendations in terms of improvements to the country’s operating and regulatory environment, thereby improving Oman's attractiveness as a destination for mining related investment.
What was the basis for developing this strategy?
At its core, the strategy considered four key elements:
- Maximising the economic value of the Oman mining sector – review of key sectors and projects within the industry, with a view to identifying development and promotional opportunities, defining key GDP contribution drivers and potential routes to investment.
- Managing the sustainable development and utilisation of mineral resources – review of the legal and fiscal framework operating in Oman, with the intention of unlocking critical bottle necks, improved governance, and developing a transparent and efficient environment for investment.
- Developing national assets and capabilities to ensure long-term sustainability – promoting the management and access to data, unlocking exploration and development potential as well as introducing process efficiency. Assessment of the sectors and PAM’s future human resource needs and an associated roadmap for training and education.
What are the prospects for the mining industry in Oman?
The Oman minerals sector has an exciting future ahead with numerous opportunities to reinvigorate the sector through exploration and the unlocking of potential projects and expansions. These conditions will need to be nurtured through the development of a attractive commercial environment, integrated approaches which foster international best practices and facilitate greater awareness of the interaction between mining and the environmental and social setting.
How do you see events like Oman Mining Expo in terms of serving as a platform to advance the industry?
Events such as the Mining Expo are key in terms of bringing together the current explorers and operators, as well as introducing new investors to Oman, and its mineral potential.
Lucks will be joined by Zyiad Ali Al Baluchi, Director – Legal, Public Authority for Mining and Hanan Al Rahbi, Director – Strategy, Public Authority for mining in presenting the strategy and new laws for the mining industry in Oman.
Also, in a major development, MDO will be signing a joint venture agreement with Assarain Group for joint development of a new gabbro concession in Liwa. The signing ceremony will take place on 16th April at OCEC during Oman Mining Expo. The Liwa Gabbro Project is located in Liwa and has an area of about 2 sq km. The JV partners, MDO (60%) and Assarain (40%) are mutually developing the project through a newly established SPV, Ahjaar Mining. Assarain will undertake an off-take of 300,000 tons per annum.
Nasser Maqbali - CEO - Minerals Development Oman, said “this agreement will be another stepping stone from MDO to act as a facilitator and enabler in developing the mining sector in Oman”. Mr. Maqbali is also speaking at the conference where he will shed some more light on role of MDO in developing the sector here in Oman.
Oman Mining Expo will take place from 15-17 April at the Oman Convention & Exhibition Centre. The event is organised by PAM and Omanexpo. The biggest in the Middle East, the event will showcase products and services from over 100 companies from 15 countries. The event will also see presentations from 37 international speakers on various topics related to the mining industry. The event will be inaugurated by H.H. Sayyid Harib Bin Thuwaini Al Said, Assistant Secretary General of the Council of Ministers for Conferences.
To attend the conference or exhibition you can register in advance online at www.omanminingexpo.com .
© Press Release 2019