Oman is resuming copper exports after three decades in a move set to help diversify its economy and help the country increase its exposure to mined commodities.
This week, Minerals Development Oman announced the export of the first shipment of copper concentrates from the Lasail Mine in the Wilayat of Sohar, reviving copper mining in Oman after nearly 30 years. The move also underscores the sultanate’s commitment to economic diversification and sustainability.
“At 0.6 per cent, even though mining is a relatively small part of Oman’s economy, contributing a few basis points to overall [gross domestic product], the project should help diversify the economy,” said Michael Widmer, head of metals research at Bank of America.
“The country’s export revenue are heavily geared towards oil and gas, making the investment in metals and mining interesting,” he told The National. “The project is a natural hedge for Oman, although it is worth noting that the site produces mined copper, not necessarily refined.”
Copper mining in Oman halted around 1994. However, since the establishment of Minerals Development Oman in 2017, there have been extensive exploration efforts to continue copper production in the country, according to Oman Mining Company, which is fully owned by MDO.
The Lasail Mine averages 500,000 tonnes of copper ore annually and produces high-quality copper concentrates with purity levels ranging from 18 per cent to 22 per cent, MDO said in a statement on Thursday.
“The export of the first shipment from the Lasail Mine is a testament to our ability to transform challenges into tangible opportunities for growth. We are equally enthusiastic about the forthcoming operations at the Al Baydha mine, which will further enhance the value of this project and support the sustainability of Oman’s mining sector,” Mattar Al Badi, chief executive of MDO, said.
MDO plans to start operations at Al Baydha, in the Wilayat of Liwa, by 2025-2026, the company said. The mines boast a combined reserve of approximately 2.78 million tonnes of copper ore.
The mining sector has made “remarkable strides in exploration and extraction, enabling us to reopen dormant mines and maximise their value”, Mr Al Badi said. “These advancements not only strengthen the sector’s sustainability but also amplify its economic and social contributions.”
The first phase of the redevelopment is expected to span four to five years with exploration efforts in surrounding areas aimed at “increasing reserves and ensuring long-term production sustainability”.
Known for its conductivity, copper is integral to the clean energy transition and future technologies, including electric vehicles and advanced battery systems. The base metal is also used in wiring, solar panels and pipes.
“Like other countries in the region, Oman is looking to increase its exposure to mined commodities, essential in the energy transition and electrification of the global economy,” Mr Widmer said. “That growth comes from a very low base, so it is encouraging that steps are now being taken to develop assets.”
Copper demand is projected to grow from 25 million metric tonnes today to about 50 tonnes by 2035, a record high that will grow to 53 tonnes by 2050, according to ratings agency S&P. Power and automotive applications will have to be deployed at scale by 2035 to meet the 2050 net-zero targets, it said.
With global demand for copper expected to surge, the Lasail project represents a strategic investment in Oman’s economic future, according to MDO.
Asked about the impact of resuming copper exports on Oman's future in energy transition, Mr Widmer noted that the volumes are relatively small and the mine has a short lifespan.
“The global copper market is about 25 million tonnes in size, so Omani copper only makes a small contribution; yet, there are few copper mining projects in the pipeline globally, so the production increase from Oman is worth noting and goes against global trends,” he added.
The market size of copper worldwide amounted to nearly $170 billion in 2022, and by 2030, the market value is anticipated to increase by $90 billion, according to Statista.
It is experiencing significant growth, driven by the high demand for copper in the Asia-Pacific region, particularly in China, due to its extensive use in electrical wiring and construction industries, according to market research and advisory firm Technavio.
Technological innovations, such as the increasing adoption of EVs and renewable energy, are further fuelling the demand, it said, adding that the market is also “facing challenges from the volatility in copper prices, which can impact the profitability of copper producers and consumers alike”.
A report by Oxford Business Group found that following a period of mixed results for Oman’s mining and mineral processing sector, in which copper exports fell, the segment appears set to rebound. Output of copper ore dropped to zero in 2016, after falling 42.9 per cent in 2015 from 72,100 tonnes per annum to 41,200 tonnes, the report said, citing data from the Central Bank of Oman.
Economic growth in Oman expanded to 1.9 per cent on an annual basis in the first half of 2024, from 1.2 per cent last year, the International Monetary Fund recently said. While growth is projected to remain at 1.2 per cent in 2024, slowed by extended oil production curbs by the Opec+ bloc, it is expected to rebound this year. The growth will be supported by higher hydrocarbon production and acceleration of non-hydrocarbon growth, the Washington-based fund said.
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
Palestine and Israel
Michael Young: Israel's 'iron wall' is sealing the country off from peace
Saeb Erekat: Palestine is capable of overcoming the coronavirus spread
Alexandra Chaves: Gazan artists paint to bring attention to the coronavirus
Comment on Coronavirus
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
COMPANY%20PROFILE
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Explained
Match info
Wolves 0
Arsenal 2 (Saka 43', Lacazette 85')
Man of the match: Shkodran Mustafi (Arsenal)
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Towering concerns
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
More from Neighbourhood Watch:
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Rashmee Roshan Lall: Sound of silence in South Asia
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
More from this package
How to book
Call DHA on 800342
Once you are registered, you will receive a confirmation text message
Present the SMS and your Emirates ID at the centre
DHA medical personnel will take a nasal swab
Check results within 48 hours on the DHA app under ‘Lab Results’ and then ‘Patient Services’
Transgender report
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
School uniforms report
Kareem Shaheen on Canada
SPECS
More on Afghanistan
Con Coughlin: US-Taliban peace deal - what's the deal and where's the peace?
National Editorial: The US-Taliban peace deal is only the first step to peace
Ken Hedricks: The Afghan scorpion farmer harvesting valuable venom
More from Neighbourhood Watch:
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
The national orchestra
Transgender report
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Simon Waldman: Cautious Israel keeping a low profile
More from Neighbourhood Watch:
COMPANY%20PROFILE
KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
War on waste
Tomorrow 2021
Tomorrow 2021
While you're here
Gavin Esler: Coronavirus offers stinging rebuke to protectionists
Kareem Shaheen: Pandemics can save us from waging wars
Sholto Byrnes: Why the climate change clash will get nastier
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
Towering concerns
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
More from Neighbourhood Watch
More from this story
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
More on animal trafficking
More from Neighbourhood Watch:
War on waste
Killing of Qassem Suleimani
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
World Mental Health Day
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
More from Neighbourhood Watch
UNpaid bills:
Countries with largest unpaid bill for UN budget in 2019
USA – $1.055 billion
Brazil – $143 million
Argentina – $52 million
Mexico – $36 million
Iran – $27 million
Israel – $18 million
Venezuela – $17 million
Korea – $10 million
Countries with largest unpaid bill for UN peacekeeping operations in 2019
USA – $2.38 billion
Brazil – $287 million
Spain – $110 million
France – $103 million
Ukraine – $100 million
UAE'S%20YOUNG%20GUNS
Neighbourhood Watch
Transgender report
CREW
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
More on Quran memorisation:
Specs
More on Afghanistan
Sulaiman Hakemy: 'Afghan' is now a globalised identity, whether the Taliban likes it or not
Editorial: The US-Taliban deal is only the first step to peace
Ken Hedricks: The Afghan scorpion farmer harvesting valuable venom for international buyers
Sulaiman Hakemy: Afghanistan's election results are finally released, but leadership remains overdue
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
You might also like
Honeymoonish
Saudi National Day
While you're here
Michael Young: Where is Lebanon headed?
Kareem Shaheen: I owe everything to Beirut
Raghida Dergham: We have to bounce back
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
More on Quran memorisation:
While you're here
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More from this package
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Zayed Sustainability Prize
The national orchestra
Read more about the coronavirus
More from Neighbourhood Watch:
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
ROUTE%20TO%20TITLE
Plastic tipping point
While you're here
KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Rashmee Roshan Lall: Sound of silence in South Asia
Richard Olson: Why Afghanistan will be very wary
Specs
More on Quran memorisation:
More coverage from the Future Forum
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
While you're here
Ed Husain: The far left is trying to hijack Muslim minds in the West
Sulaiman Hakemy: Why it is very important to lose elections
Rashmee Roshan Lall: US race relations in three words
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
More from Firas Maksad
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
