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

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

Minerals Development Oman Co. (MDO) plans to forge partnerships with Saudi companies operating in fields from the exploration to extraction and manufacturing industries, said CEO Matar Al-Badi, in an interview with Argaam, on the sidelines of the Future Minerals Forum.

He cited the great steps taken by the Kingdom in the field of mining and its extensive expertise.

The company has so far invested more than $30 million in exploration, including aerial surveys covering more than 16,000 km², in addition to conducting more than 7,500 meters of exploratory drilling, said the CEO.

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

The mining sector in Oman does not only include in copper, but in 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 added 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, said the top executive, 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 arm in developing the mining sector in the Sultanate of Oman, noting that the company owns about half of the sector, as it owns 24,000 km² 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, and is set to develop to include green hydrogen, followed by minerals in the future, the CEO added.