Muscat: The Ministry of Energy and Minerals (MEM) and Indian Rare Earths Limited (IREL) yesterday signed a memorandum of understanding (MoU) to cement cooperation in the field of minerals.

The MoU provides for the exchange of laws and regulations endorsed by the two countries in the exploitation of mineral resources and data about investment opportunities.

The two sides encourage cooperation in exchanging experiences in the fields of innovation and the application of techniques. They will explore modern methods of excavation for minerals and the development of industries based on minerals, notably rare minerals, with the aim of realizing added value in minerals. This is besides enhancing cooperation in technical research and geological surveys.

The MoU comes in pursuance of the MEM’s efforts to develop the minerals sector in a manner that responds to aspirations attached to this vital sector, being a key pillar in economic diversification as envisaged by Oman 2040 Vision. It also comes within the context of the MEM’s keenness on attracting scholarly expertise in exploring mineral resources in Oman’s lands, particularly minerals associated with the fourth industrial revolution (4IR).