Oman seeks investors for $1.5bn mineral concessions

• Part of diversification plans
• Five mines up for investment
• 25m tonnes mineral deposits

Oman is offering international companies the chance to invest $1.5 billion in five mineral mining concessions this year as part of its strategy to diversify the economy away from hydrocarbon revenues. 

The five mines, located in the mineral-rich towns of Sohar, Dhofar, Duqm and Al Dhahirah, have a combined deposits of 25 million tonnes of copper, chromite, gypsum, silica and magnesium, state-owned Minerals Development Oman (MDO), said.

Last year Oman attracted investments worth OR350 million ($900 million) in the mining sector. 

MDO operates 14 concession areas spanning 23,763 sq km. The company drilled across more than 60,000 sq m in 2025, discovering about 9,000 tonnes of different types of minerals. 

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But industry experts say Oman needs to push this even more to diversify the economy. 

“Minerals have real potential of reducing oil and gas reliance but Oman needs to attract more investors in the mining sector,” says Khalifa Al Suwaidi, a retired engineer at the Oman Mining Company.

Earlier this month the International Monetary Fund said Oman’s economic structure and growth remain “vulnerable” and “highly sensitive” to shifts in the oil price and the gulf state must diversify at a much faster pace. 

Oman produces about a million barrels of crude oil a day, making up more than 70 percent of the national revenues. 

It posted a budget shortfall of OR480 million ($1.2 billion) for 2025 and said it would resort to borrowing this year to make up for the arrears.