Oman is the second largest country after Saudi Arabia in the Gulf Cooperation Council Region. The country has Copper, Gold, Silver, Chromite, lead, nickel Manganese and Zink mineral reserves. These reserves are highly undeveloped due to preference to oil & gas sector.
The company had spotted this as a great opportunity and has accordingly entered into a joint venture agreement with a well known Australian Exploration and mining company named Alara Resources LLC there in Oman and started operations in 2018 through this JV Company. The first drilling contract executed in this JV was for Al Hadeetha Resources LLC.
Our Joint Venture, Alara Resources LLC, Oman has also signed a Long-Term Mining contract for copper and Gold mining of approx. 63 million tons in Oman. The aggregate value of contract is around Rs. 125 Million USD and have plans to start the mine development work soon.
The contract is to be executed over a period of next 11 years out of which the average total material movement for the first five years would be 7.58 MT P.A. and after five years the total material movement would gradually decrease in next five years by end of tenth year.
It is giving us a big boost to our efforts there in Oman and also inspiring us to look for more such opportunities in the entire Middle East region which has a great potential of mining /exploration as the thrust there is to reduce dependence on oil revenue as early as possible.