Muscat 13 March: Oman Oil Company (OOC) has announced its first mining venture in Oman after signing a Memorandum of Understanding (MoU) with Mawarid Mining and Oman Mining Company to develop the Yanqul Copper Project. The project is located in Al Dhahira governorate, 50 km north of Ibri. OOC’s investment will be for an equity stake of 41% upon the completion of a Definitive Feasibility Study, with 49% for Mawarid Mining and the remaining equity belonging to Oman Mining Company.
The development of Yanqul project will support metal-based industrial projects in Oman and further support OOC’s diversification strategy to boost long-term investment opportunities in the infrastructure, power and mining sectors.
Source : Press Release : Oman Oil Company