By:Zawya

Mazoon Mining, a subsidiary of the state-backed Minerals Development Oman (MDO), has secured funding and awarded contracts to develop the country’s largest copper concentrate project.

The $270 million funding was secured from Sohar Islamic Bank, National Bank of Oman, Qatar National Bank, Bank Nizwa, Ahli Bank, and Ahli Islamic Bank, the company said in a statement.

No financial terms of the facility were disclosed.

The company signed contracts with ASYAD Group for transport and logistics, Oman National Engineering and Investment Company (ONEIC) for power line and substation works and STRABAG Oman for bulk earthworks.

“The funds cover nearly 60 percent of the total project cost, and the signing of the construction and service packages ensures that work proceeds as per the established schedule,” said Mattar bin Salim Al Badi, CEO of MDO.

Located in the Wilayat of Yanqul, Al Dhahirah governorate, the project covers 20 sq km and aims to produce around 115,000 tonnes of copper concentrate annually.

Al Badi said that Canada’s Lycopodium has been named the Engineering, Procurement, and Construction Management (EPCM) contractor, while equipment supply agreements have been signed with Finland’s Metso.