MUSCAT: Oman’s state-owned mining investment firm, Minerals Development Oman (MDO), has reported a significant expansion of its project pipeline as it continues to add value to the country’s mineral resources through beneficiation, processing, and manufacturing.

These efforts are highlighted in the company’s 2024 Annual Report published here on Sunday. In a major milestone, MDO resumed copper exports in July 2024 from the Lasail mine, marking Oman’s return to the global copper market after 30 years. The company also progressed on the Mazoon Copper Project in Yanqul, where engineering works surpassed 30% completion. Production is scheduled for 2027.

MDO operates 14 concession areas across 23,763 square kilometers and has accelerated exploration. Drilling exceeded 48,000 meters in 2024, leading to major discoveries: 467,000 tonnes of chromite, 111 million tonnes of high-purity silica, and 242 million tonnes of dolomite.

The Sohar Titanium Project, where MDO holds a 35 per cent stake, is under construction and will produce 150,000 tonnes of titanium dioxide annually. In Ash Shuwaymiyah, an RO 290 million industrial minerals project reached the feasibility phase, with port infrastructure studies due in 2025.

Other strategic initiatives include the Naqa Salt Project on the Arabian Sea coast, a GreenTech waste recycling plant in Suhar with Austrian partners, and future production facilities for ferrosilicon and magnesium metal using Oman’s quartzite and dolomite reserves.

“These achievements are the result of continuous work and a clear vision to generate sustainable value for the national economy,” said MDO Chairman Dr Badar bin Saud al Kharusi.

MDO increased investments in subsidiaries to RO 102.5 million and maintained cash and fixed deposits of RO 25.7 million at year-end. The company also boosted local content: 29 per cent of procurement spend in 2024—roughly RO 6 million—went to SMEs, and its Ring-Fencing Programme expanded to support Omani contractors and service providers.

On governance, MDO adopted new ESG guidelines and social investment policies, completed a full audit plan, and implemented a Business Continuity Management strategy. It recorded 795,319 safe working hours without time-loss injuries and became the first mining company in Oman to adopt the Himaya digital safety platform.

The company maintained a 75 per cent Omanization rate and delivered over 3,400 training hours. Its Jadara training programme continued to prepare young Omanis in geology, mining, and business management, while 39 students participated in internships across operations.

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