Minerals Development Oman signed a partnership agreement with the Kazakh company Solidcore Resources. As a part of the agreement Solidcore Resources will acquire a 60 percent stake in the copper project in the North Al Batinah Governorate through a phased investment mechanism linked to achieving specific technical and investment targets. This will ensure systematic progress in exploration and development work and add value for both parties.

The project is located in the North Al Batinah Governorate, about 29 kilometers from the city of Sohar, within concession area 11B belonging to Oman Mining Development Company. Over the past years, the company has implemented intensive exploration programs that included drilling, aerial and ground geophysical surveys, geological and geochemical studies, and satellite image analysis, resulting in positive results that confirm the promising mineral potential of the site.

Technical studies indicate that the mineralisation in the project is of the volcanic sulfide type bearing copper and gold, with promising geological extensions to the north, while the exploration results showed the presence of promising mineralisation, which enhances the chances of developing an economically viable reservoir, in addition to the presence of other exploration targets within the concession area.

The next phase will focus on implementing additional drilling programs and advanced technical studies to increase confidence in mineral resource estimates, and completing the necessary studies to assess the economic feasibility of the project.

This agreement is Solidcore Resources’ first exploration investment outside the Republic of Kazakhstan since its establishment, reflecting the growing confidence in the mining sector in the Sultanate of Oman and the promising investment opportunities it offers, supported by stability, legislative structure, and geological potential.

Minerals Development Oman continues to implement its strategy aimed at attracting quality investments, accelerating the development of mining projects, enhancing local content, and building international partnerships that contribute to consolidating the Sultanate of Oman’s position as a regional center for the mining and minerals industry, in support of the goals of economic diversification and sustainable development.

Eng. Matar bin Salem Al Badi, CEO of Minerals Development Oman, explained that this agreement represents an important milestone in the implementation of the company’s strategy, which aims to develop high-value mining projects in partnership with global companies that possess technical expertise and advanced technologies. He pointed out that the selection of Solidcore Resources came after a careful evaluation of its operational experience and its proven track record in developing mining projects, and the technical and financial capabilities it possesses that qualify it to contribute to accelerating the development of the project according to the highest international standards.

He said the company will work to accelerate the evaluation, development and attraction of quality investments that maximise the benefit from mineral resources, support the transfer of knowledge and the building of national competencies, and enhance local content, in a way that contributes to achieving the goals of the “Oman 2040” vision and consolidating the position of the Sultanate of Oman as an attractive destination for investment in the mining sector.

For his part, Vitaly Nesis, CEO of Solidcore Resources, confirmed that the project represents the company’s first exploratory expansion outside Kazakhstan, and constitutes a strategic step in its path towards diversifying its investment portfolio and expanding into promising markets. He pointed out that the project has outstanding geological characteristics that qualify it to be one of the important mining projects in Oman, expressing the company’s aspiration to employ its global expertise in cooperation with Minerals Development Oman to develop the project according to the highest international standards. Solidcore Resources is one of the world’s leading companies in the mining sector and the largest gold producer in Central Asia.