Minerals Development Oman revenue reaches RO 9.1 million in 2023

MDO revenue rises 191% to 9.1 mln in 2023

Muscat: Oman Minerals Development Company was able to achieve a 191% increase in revenues, reaching 9.1 million Omani riyals, compared to 2.9 million Omani riyals in 2022. The company’s annual report for 2023 indicated that it was able to achieve a growth of 7%. % in exploration assets, which amounted to 111.9 million Omani riyals at the end of 2023, compared to 104.5 million Omani riyals in 2022.

The report indicated that this increase in the volume of exploration assets (the volume of mineral resources) was achieved as a result of the expansion of exploration and drilling programmes.

The company invested approximately RO 5 million in various exploration activities that resulted in growth in the volume of mineral resources in concession areas 12A-1 (Mazoon Copper Project), 12B, 13B, and the Shuwaymiya project, among others.

The report stated that the total net assets of Oman Minerals Development amounted to 85.6 million Omani riyals in 2018, and the company was able, through its exploratory and commercial projects and works, to increase this value to reach 136.4 million Omani riyals in just 6 years.

The report highlighted the progress of the exploration and prospecting program for metallic and industrial minerals that was implemented by Oman Minerals Development during the past year in new and existing areas within its concession areas. Exploration and prospecting activities included strategic minerals such as copper, chromium, gypsum, limestone, silica, and dolomite. As for the value of the company’s investments in exploration and drilling activities, it amounted to about 5 million Omani riyals, thus achieving broad and significant progress in a number of major projects, as it contributed to the growth of the company’s exploration assets by 7 percent. Oman Minerals Development has made great strides in implementing Aerial geophysical surveys programme.

During the past year, it implemented this program on Masirah Island, which contributed to identifying areas with preliminary indicators. The exploration team is currently working on exploratory drilling operations. The report indicated the company’s efforts during 2023 in the field of exploration and drilling. In terms of aerial geophysical surveys, the company succeeded in covering approximately 96,429 kilometers of airline routes, including 7 concession areas affiliated with the company, achieving significant progress amounting to approximately 74 percent.

The annual report reviewed the most prominent strategic projects that the company is developing, which aim to produce a number of metallic minerals and industrial ores, including: the Mazoon Copper Project, where the company made remarkable progress during the year in the Mazoon Copper Project located in the Wilayat of Yuqul in Al Dhahirah Governorate, and it appointed the Canadian company Liquipodium Limited. To begin engineering design, procurement and technical supervision work, which began by the end of the year. The market study was also completed and the project mining plan was approved, with the hope that commercial operation of the project will begin in the second quarter of 2026, and the Block 4 mines redevelopment project, where during the year the operations of processing and condensing the copper ore that the company will produce from its northern concession areas were assigned to The copper ore condensation unit of the Mawarid Mining Company, located in the Wadi Al-Jizzi area in the state of Sohar.

As for the Sohar Titanium Project, during the year the process of manufacturing titanium oxide processing furnaces with a production capacity of approximately 150,000 tons began. The contract to build the power plant was also awarded to the Oman National Investments Development Company (ONIC) at the project site in the Sohar Free Zone, in addition to the construction work that was assigned to Al-Hajri Company.

With regard to the ferrosilicon alloy production project, the Oman Minerals Development Company, in cooperation with Stork International, conducted a technical and economic evaluation to modify the copper smelting furnace of the Oman Mining Company to exploit it in the ferrosilicon alloy production process. In the Shuwaymiya Industrial Minerals Project, the company is currently completing a detailed feasibility study and obtaining the final investment decision from the Board of Directors to move forward with the project.

The report highlighted the company’s efforts to develop a quality, health, safety and environment policy through implementing a package of integrated systems and policies, which resulted in achieving 1,289,835 hours. Safe operation without injuries in 2023. In the same year, the company became an associate member of the Oman Petroleum Services Association (OPAL).

The report revealed the contributions of the company’s local content programs to enhancing economic and social development in the Sultanate. During the year 2023, the percentage of spending on purchases from small and medium enterprises reached 34% of the total contracts, with a total value of 2.9 million Omani riyals. The work assigned to small and medium enterprises was between drilling Exploration, laboratory sample testing services, and quarry operation.

Emerging local companies were also invited to join the Supplier Development Programme, which is one of the initiatives targeting small and medium enterprises with the aim of raising the efficiency of suppliers, encouraging innovation, and providing technical and technical support. A successful example of this is the project to localize the metal sample box industry in the Sultanate of Oman through a partnership and development contract with Tatronic Middle East Company – one of the emerging local companies in the field of producing specialized plastic products – has also worked on adopting a contract inventory program for local companies, which includes inventorying the national services and products that companies must purchase and supply from local companies, which will contribute to the growth of the national economy. By stimulating local production and strengthening national industries.

The report stated that in 2023, the company achieved an Omanization rate of 73 percent. One of the priorities and objectives of the Oman Minerals Development Company is to attract and develop Omani talents with the aim of building capabilities in the emerging Omani mining sector.

The report also highlighted a number of training programs provided by the company to students from earth sciences and mining engineering specializations, in addition to administrative specializations.

The “Jadara” program is the most prominent initiative within the training programs, which provides an on-the-job training opportunity for a period of six months for graduates and job seekers to enhance their skills. Increasing their chances of obtaining a full-time job. The company continues its tireless efforts towards achieving Oman Vision 2040, achieving added value to the wealth of the Sultanate of Oman from the mining and mineral processing sector, and creating long-term value that contributes to supporting the social and economic progress of the country and achieving fruitful returns.

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