MDO invests $30M in exploration, targets copper export by 2027: CEO

Matar Al-Badi, CEO of Minerals Development Oman Co. (MDO)

Minerals Development Oman (MDO) plans to forge partnerships with Saudi companies operating in the exploration to extraction and manufacturing industries, CEO Matar Al Badi told Argaam.

He said that Saudi Arabia has taken concrete steps in the field of mining and has extensive expertise.

The company has so far invested more than $30 million in exploration, including aerial surveys covering more than 16,000 sq km, in addition to conducting more than 7,500 meters of exploratory drilling, the CEO said on the sidelines of the Future Minerals Forum.

He pointed out that the company's first project will kick off this year, adding that the first shipment of copper is expected to be exported in 2027 worth about $400 million.

The mining sector in Oman does not only include copper, but many other minerals. The Sultanate is one of the largest exporters of gypsum in the world. The company has a reserve of more than two billion tons, while the limestone reserve exceeds three billion tons.

Al Badi said that MDO will begin exploring rare minerals this year, in addition to continuing to discover copper.

Exploration began in the past two years, with the future results set to be huge and promising, the CEO said, adding that the company plans to invest more than $30 million in exploration.

As for listing on the Muscat Stock Exchange, Al Badi stated that according to the current plan, the company expects to go public in 2028 in the local or global market.

He stated that MDO is the government’s arm in developing the mining sector in the Sultanate, noting that the company owns about half of the sector or nearly 24,000 sq km of mining areas.

The mining sector in Oman is promising, as it is on track to be the third largest contributor to the Sultanate’s national income after oil and gas, Al Badi said.

The sector is set to include green hydrogen, followed by minerals in the future, he added.