Construction Contracts Signed for Oman’s Largest Copper Project in Yanqul

 

Mazoon Mining which is subsidiary of Minerals Development Oman (MDO), has successfully secured OMR 104 million (USD 270 million) in funding. It is backed by top-tier local and regional financial institutions. The financing round was oversubscribed by over two times, signaling robust investor confidence in the project’s viability and long-term value.

To kickstart project development, Mazoon Mining signed multiple critical construction and service contracts with local entities:

·         Transport & Logistics is awarded to ASYAD Group, Oman’s national logistics provider.

·         Power Infrastructure is assigned to Oman National Engineering and Investment Company (ONEIC) for power line and substation construction.

·         Bulk Earthworks is contracted to STRABAG Oman.

These contracts are expected to boost local private sector participation, to drive economic activity, and to maximize in-country value creation. The project location is Wilayat of Yanqul, A’Dhahirah Governorate, Oman. The project area is 20 square kilometers. The annual output is ~115,000 tons of copper concentrate. The Copper Grade will be 21.5% purity. The Proven Reserves are 22.9 million tons of copper ore.

Official contract signings took place at the “Rawabit” Forum, organized by the Oman Investment Authority (OIA). It reflects high-level governmental and institutional confidence in the project's strategic relevance to Oman’s mining vision. The financing covers nearly 60% of the total project cost. Lycopodium (Canada) appointed as the EPCM (Engineering, Procurement, and Construction Management) consultant. Metso, a global leader in mineral processing, signed as the key equipment supplier. Project is now entering its execution phase after comprehensive planning and preparatory activities. Project is designed with environmental protection in mind which utilizes a zero-liquid-discharge system. It will implement advanced waste management solutions. It will contribute to Job creation for local workforce, will Grow small and medium enterprises (SMEs), will broader economic stimulation in the region.

 

The following banks participated in the financing round:

1. Sohar Islamic Bank
2. National Bank of Oman
3. Qatar National Bank
4. Bank Nizwa
5. Ahli Bank
6. Ahli Islamic Bank