Minerals Development Oman (MDO) and Mawarid Mining, part of the well-diversified Omani business house MB Holding, signed a joint venture agreement for the continued exploration and development of metallic minerals in Blocks 1&2 in North Al Batinah Governorate, said a report.

Blocks 1 & 2 are located northwest of Suhar and cover an area of approximately 540-sq-km. The area has been identified has having massive sulphide volcanogenic deposits (copper, gold and silver), added the Oman Daily Observer report.

The signing ceremony was held in Muscat, under the auspices of Hilal bin Mohammed al Busaidy, CEO of the Public Authority for Mining (PAM). Nasser Saif al Muqbali, deputy chief executive officer, MDO, signed the agreement along with Tariq al Barwani, chief executive officer, Mawarid Mining.

Al Barwani revealed that Mawarid will take 60 per cent of the joint venture, with MDO holding the remaining 40 per cent.

He added that the exploration programme, which includes gravity and survey, will take about 12 to 18 months.

Al Muqbali said that the agreement is part of MDO’s strategy to serve as a catalyst in facilitating the national vision for achieving sustainable economic development and improving the quality of life for citizens through the diversification of the Omani economy and developing the Omani mining sector.