Oman’s Ministry of Energy and Minerals has signed a concession agreement in the mining sector for the exploration and mining of potash ore.
Oman News Agency reported that Oman’s Minister of Energy and Minerals Eng Salim al Aufi signed a concession agreement with Chairman of Sindbad Mining Resources Co Nasser al Araimi on the Concession Area 53-A in Umm Al Samim.
The Concession Areas project is a significant initiative that will contribute to the advancement of the sector and foster economic growth in Oman.
The Ministry's vision encompasses the regulation of licensing procedures and expediting their issuance for readily investable mining opportunities presented as concession areas. That methodology will facilitate the creation of an organized investment portfolio, enhance the development of the sector, and mitigate environmental impacts.
The pre-approval of these concession areas will save investors significant time and effort, providing them with a conducive environment for investment and operations.
Moreover, the establishment of these concession areas will firmly position the Sultanate of Oman on the global investment map within the mining sector. This will effectively contribute to enhancing the roles of associated sectors such as industry, innovation, logistics, construction, and others. It will also promote sustainable development and social responsibility.
Additionally, it opens opportunities for aspiring entrepreneurs to start new projects in mining-related industries.
By designating concession areas in the mining sector, the Ministry seeks to achieve several goals, namely overcoming difficulties pertaining to the reception of requests, establishing an integrated database for geological, geophysical, and exploratory surveys in Oman, and providing regular and sustainable support for exploration and mining opportunities in Oman as well as protecting the sites of mineral ores from urban expansion.
The goals also include shifting the ministry’s focus, efforts, and resources to minerals of high economic value (metallic minerals), attracting international companies specialized in exploration and mining, empowering the establishment of mining industries, and generating employment opportunities.
