(MENAFN- Muscat Daily) Oman Oil Company (OOC) announced on Wednesday its first mining venture in the sultanate after signing a memorandum of understanding (MoU) with Mawarid Mining and Oman Mining Company to develop the Yanqul copper project.
The Yanqul copper project is located in the Al Dhahira governorate, 50km north of Ibri.
OCC's investment in the project will relate to an equity stake of 41 per cent upon the completion of a definitive feasibility study, with a 49 per cent for Mawarid Mining and the remaining equity belonging to Oman Mining Company, Oman Oil Company said in a press release.
Oman Oil Company said that the development of the Yanqul copper project will support metal-based industrial projects in Oman and further support Oman Oil Company's diversification strategy to boost long-term investment opportunities in the infrastructure, power and mining sectors.
While Oman Mining Company, a fully-owned government company, has been evaluating the potential development of the Yanqul copper project, Mawarid Mining, a wholly-owned subsidiary of MB Holding Company, is the first private sector mining company to engage in the exploration and development of copper and gold in Oman.
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