Oman forms mining venture with Kazakhstan’s Solidcore

The state-run Minerals Development Oman (MDO) and Kazakhstan miner Solidcore Resource will jointly develop a copper and gold project in northern Oman.

The Khabiyat project is the company’s first exploration venture outside Kazakhstan and will support its growth and diversification strategy, said Solidcore, which trades on the Astana International Exchange.

MDO chief executive Mattar Al Badi said the joint venture will support the development of Oman’s mining sector.

Solidcore has the right to acquire up to a 60 percent equity interest in the joint venture in three stages through a phased investment mechanism linked to achieving specific technical and investment targets. The company is expected to invest $31 million.

The project is located in the Al Batinah North Governorate, about 29 kilometres from Sohar, with exploration activities confirming the presence of significant copper-gold mineralisation.

In March, MDO said revenue fell 39 percent to OMR10 million ($26.3 million), down from OMR16.6 million in 2024.

Total assets rose 22 percent from 2024 to OMR227 million, driven by the continued expansion of investment projects.

Last year, the state-backed miner continued to expand its exploration portfolio, focusing on base and precious metals, as well as industrial minerals, across 14 concessions.

Oman opened bids for five mineral mining concessions in February, seeking $1.5 billion in international investment.

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