Muscat: Minerals Development Oman (MDO) has signed a strategic partnership agreement with Kazakhstan-based Solidcore Resources to explore and develop a copper project in North Al Batinah Governorate.
According to Oman News Agency, Solidcore Resources will earn up to a 60% stake in the project through a phased investment structure tied to the achievement of defined technical and investment milestones. This structure supports a disciplined approach to exploration and project development.
The project is situated within MDO's Block 11B concession, approximately 29 kilometres from Sohar. MDO has conducted extensive exploration work over the years, including drilling campaigns, geophysical surveys, geological and geochemical studies, and satellite imagery analysis. These efforts have confirmed promising copper and gold mineralization of the Volcanogenic Massive Sulphide (VMS) type, along with additional exploration targets across the concession area.
Eng. Mattar Salim Al Badi, CEO of MDO, expressed that the partnership is in line with the company's strategy of enhancing the development of high-value mining assets through collaboration with globally recognized mining companies. "Solidcore Resources was selected following a comprehensive evaluation of its operational track record, technical expertise, and financial strength," he said, highlighting the benefits of the partnership, including attracting quality investment and supporting Oman Vision 2040.
Vitaly Nesis, CEO of Solidcore Resources, described the agreement as the company's first exploration investment outside Kazakhstan, marking a strategic step in expanding its international portfolio. "Oman offers compelling geological potential and an attractive investment environment. We look forward to working alongside MDO to unlock the project's value," Nesis stated.
The next phase of the project will concentrate on additional drilling and advanced technical studies to enhance mineral resource confidence and complete the necessary economic assessments for future development. The agreement highlights growing international confidence in Oman's mining sector and aligns with MDO's strategy to position Oman as a regional hub for the mining and minerals industry.