Oman: The mining sector in Oman is set for a promising future, thanks to the implementation of the Minerals Resources Law and various key projects initiated by the Ministry of Energy and Minerals. These initiatives aim to attract substantial investments into this crucial sector.
To enhance the mining sector’s contribution to the gross domestic product (GDP), the Ministry is actively working on optimizing mineral utilization and conducting pre-feasibility studies. Therefore, by completing and developing geological, geophysical, and geochemical maps of Oman, the Ministry seeks to develop and organize the sector. Moreover, the Ministry actively promotes the establishment of industries that rely on minerals, such as the glass industry, copper alloy production, and metal industries.
Additionally, it is focused on increasing the value of products before export and has implemented regulations.
The mining sector plays a vital role in Oman Vision 2040. It is one of the fundamental economic pillars that the country envisions. Eng. Saud Khamis Al Mahrouqi, the Director General of Minerals at the Ministry of Energy and Minerals, revealed that the ministry has already signed 16 agreements in the mining sector. The mining sector underwent significant structural changes, culminating in Royal Decree No. 75/2020, which merged the mining sector with the oil, gas, and renewable energy sectors.
The Ministry has since taken charge of managing the mining sector, which was previously overseen by the “Public Authority for Mining,” established under Royal Decree No. 49/2014. In line with maximizing the sector’s value and expected returns, the Ministry is enhancing control and inspection measures in the mining sector. Therefore, to achieve this objective, we are leveraging strategic partnerships, including the ongoing evaluation of the Smart Monitoring Initiative tender.
Oman is blessed with a rich array of metallic mineral ores. This wealth of mineral resources positions the Sultanate as a major global destination, especially due to the increasing global demand for these products.