Oman’s MDO takes revenue hit with focus on expansion

The state-run Minerals Development Oman (MDO) said revenue took a hit in 2025 as focus remained on project development and investment rather than commencing full commercial operations.

The mining sector investment company’s top line fell 39 percent to OMR10.1 million ($26.3 million), down from OMR16.6 million in 2024, according to its annual report for 2025.

Total assets rose 22 percent from 2024 to OMR227 million, driven by the continued expansion of investment projects. Investment in subsidiaries increased to OMR132 million, from OMR102 million in 2024. 

Investment in associates increased by 13 percent year on year to OMR14 million in 2025.

In 2025, MDO continued to expand its exploration portfolio, focusing on base and precious metals, as well as industrial minerals, across 14 concessions.

In the fourth quarter, drilling programmes led to the discovery of new chromite resources, diversifying its investment portfolio. Mining and production of chromite ore were completed, yielding a total of 64,972 tonnes.

Work on the Mazoon copper project reached 35 percent in 2025. MDO secured $270 million in financing, around 60 percent of its total value. The project added 4.9 million tonnes of new resources last year. 

The Sohar titanium project reached 89 percent completion, with the first two furnaces commissioned. 

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In Dhofar, the Ash-Shuwaymiyyah industrial minerals project progressed in partnership with India’s JSW Infrastructure, which will have an annual production capacity of 30 million tonnes of gypsum and limestone.

Last month Oman offered international companies the chance to invest $1.5 billion in five mineral mining concessions this year.

The five mines, located in the mineral-rich towns of Sohar, Dhofar, Duqm and Al Dhahirah, have a combined deposit of 25 million tonnes of copper, chromite, gypsum, silica and magnesium, MDO said.

Last year the sultanate attracted investments worth OR350 million in the mining sector.