Gulf Mining Group, a major mining and mineral processing organisation in Oman, has plans to set up a potash mining project with initial investment of up to $500 million in the Sultanate, a report said.

“We have joined hands with international investors — whose identities I cannot reveal at this stage — as strategic partners in the development of potash mines in central Oman,” Mohammed Yahya al Shabibi, the Group’s CEO was quoted as saying in the Oman Observer report.

“Omani wealth funds have also indicated interest in participating, while local banks are planning a syndication to support the financing,” he added.

“Our initial studies have shown that the deposits are commercially viable for development. At the moment, we are trying to pinpoint the exact locations where potash concentrations are ideal. This is also necessary because we do not want to come in the way of oilfield activities in this area,” Al Shabibi said.