July 25, 2008

Omani mining sector in the midst of a revival – Report

It is reported that Oman's mining sector is in the midst of a revival, with high global mineral prices driving profits and attracting new investments.

Mining in Oman dates back some 4000 years, with archaeological evidence showing copper was both extracted and smelted in the region in ancient times. Though much of its known copper reserves have been played out, new mineral finds are being made, along with increased reserves of gold and silver. However, since the discovery of oil and gas in Oman, mining has taken something of a back seat to energy in the economy.

But in recent years, Oman has been working to broaden its industrial base to include many downstream facilities in the minerals sector. While the domestic mining industry is unlikely to eclipse the energy industry, or to rival the billions of dollars worth of downstream developments already built or on the drawing board, it is again starting to make news.