The company announced it has raised $270 million in financing from a consortium of local and regional banks, including Sohar Islamic Bank, National Bank of Oman, Qatar National Bank, Bank Nizwa, Ahli Bank, and Ahli Islamic Bank. While the terms of the facility were not disclosed, the funding is expected to cover approximately 60% of the project’s total cost.
Mazoon Mining also signed several major contracts to advance the project. ASYAD Group will handle transportation and logistics, Oman National Engineering and Investment Company (ONEIC) will be responsible for power line and substation infrastructure, and STRABAG Oman will manage bulk earthworks.
“The funds cover nearly 60 percent of the total project cost, and the signing of the construction and service packages ensures that work proceeds as per the established schedule,” said Mattar bin Salim Al Badi, CEO of MDO.
Located in the Wilayat of Yanqul in Al Dhahirah governorate, the project spans 20 square kilometers and is expected to produce approximately 115,000 tonnes of copper concentrate annually.
Canada’s Lycopodium has been appointed as the Engineering, Procurement, and Construction Management (EPCM) contractor, while Finland-based Metso will supply processing equipment under newly signed agreements.