Nasser Al-Maqbali

MDO is committed to exploring new opportunities and engaging with partners across the value chain to ensure sustainable growth and prosperity for all stakeholders.

The Ministry of Energy and Minerals is actively pursuing significant investments in the minerals sector. How is this drive being executed and how does MDO view the government’s efforts in attracting investments?

Omani mining sector has undergone significant changes, transitioning from minor permits to large concessions, and is now under the purview of the Ministry of Energy and Minerals. This shift has made the sector more attractive to serious investors as it enables the exploration of various minerals over an extended period. The duration of exploration, plot size, and exploration time align with international norms, ensuring the sector’s robust attractiveness and returns. The ministry aims to attract more international investors, particularly in exploration, by adhering to international standards. As part of this initiative, the ministry has granted MDO 12 concessions, covering an extensive area of 21,955sqkm. The new approach of offering large concessions allows for the exploration of various minerals and is an attractive investment opportunity. The ministry’s commitment to aligning with international norms and standards demonstrates its willingness to protect investors’ interests while promoting the mining sector’s growth.

Can you provide examples of how minerals can contribute to Oman’s energy transition?

Several critical minerals are pivotal for the energy transition, and copper stands out prominently. With a historical legacy of copper production spanning thousands of years, Oman currently hosts three ongoing projects focused on copper concentrate production. Another mineral gaining attention is lithium, with some concessions currently being explored by various companies at the behest of the Ministry of Energy and Minerals. Additionally, silica and quartz play crucial roles in energy transactions, especially for solar panels and silicon metal production. MDO is currently prioritizing the production of both soft silica and hard silica (quartz). The exploration efforts also extend to rare earth elements, with ongoing projects aiming to uncover their presence in Oman.

What role can mining play in the economy, and where do you foresee the mining industry within the next few years?

The government has set a goal for 2040 to diversify the economy by focusing on various sectors such as mining, tourism, fisheries, logistics, and others. While the infrastructure and government support for mining are in place, mining projects, especially those involving metals, require a significant amount of time and capital spending during the exploration phase. Mining requires a step-by-step process that takes into account community proximity, environmental sustainability, and other factors. It presents unique challenges in terms of development, time, and capital expenditure compared to other sectors. Hence, there is a need for a delicate balance between the interests of investors and the community’s welfare.

What measures are being taken in Oman to ensure a cleaner mining industry and what best practices are being applied?

At MDO, we take great care to comply with international environmental regulations by conducting thorough environmental impact assessments for all our projects. Our dedication to environmental responsibility and sustainability is integral to our operations, and we aspire to be responsible corporate citizens. We prioritize working closely with the local community and implementing necessary measures to minimize any potential impact in order to foster a positive and mutually beneficial relationship.

What is your outlook for MDO in 2024?

MDO is actively involved in developing several projects to create a sustainable and prosperous future. On the exploration front, we are committed to continuing our ambitious exploration programs over 21,955sqkm of concessions to build adequate mining resources and ensure long-term sustainability. On other fronts, we are working tirelessly to advance our key upstream projects, such as the Mazoon Copper project, Block 4 Mines Redevelopment, Naqa Slat, and the Ash Shiwaymiyyah Industrial Minerals project. Our efforts also extend to several downstream projects in various development stages, such as Sohar Titanium project, which is under development, and magnesium metal and ferrosilicon metal projects, which are currently in the final feasibility study stage and are expected to contribute significantly to the local economy. We are excited about these projects’ opportunities and anticipate their successful progress in 2024.