What's Happening?
Ahlibank, a financial institution in Oman, has successfully advised on a $400 million dual-currency syndicated loan for the Mazoon Copper Project, marking the financial close of this significant mining development. The project, located in the Wilayat
of Yanqul, Al Dhahirah Governorate, is the largest copper mining initiative in Oman, covering 20 square kilometers with estimated reserves of 22.9 million tonnes of copper ore. The financing includes both conventional and Islamic tranches, with participation from local financial institutions. The project, which began in late 2024, will feature five open-pit mines and a processing plant, with production expected to commence in 2027.
Why It's Important?
The Mazoon Copper Project represents a strategic move for Oman to diversify its economy beyond hydrocarbons and strengthen its position in the global minerals supply chain. By securing substantial financing, Oman is poised to become a key player in the copper market, meeting the rising global demand for this critical mineral. The project's success could attract further foreign investment and boost the local economy, providing job opportunities and enhancing the country's industrial capabilities. Additionally, the integration of Islamic financing highlights the growing role of Sharia-compliant financial products in large-scale infrastructure projects.
