Oman's PAM signs contract to implement new mining strategy
Oman’s Public Authority for Mining (PAM) has signed a contract with a consortium led by SRK Consulting to implement a new strategy for mine operations in the country.
Other participants in the consortium are Mayer Brown and Wood Mackenzie, according to Oman News Agency.
PAM is developing a strategy that includes plans and policies relating to the geological infrastructure in the country and the mining industry.
PAM CEO Hilal Al-Busaidi was quoted by Oman News Agency as saying: "This agreement comes as part of the steady efforts done by PAM since the end of 2015 to complete the system for preparing and developing all stages of the mining sector.”
The strategy is scheduled to be complete in six months and will be implemented next year.
Through the programmes formulated under the strategy and studies on investment in the mining sector, PAM intends to enhance the contribution of the industry towards the country’s gross domestic product (GDP).
According to the authority, revenues from mineral exploration increased from 5% to 10% in 2016, with growth estimated to be more than 40% this year.
The strategy is aimed at ensuring optimum use of the sultanate’s natural resources, alongside achieving comprehensive development and economic diversification.
Additional work is in progress on the $2.58bn rail project undertaken by Oman Mining Development Company to connect Al Shuwaymiyah and Manji in Dhofar to Duqm port for transporting minerals.
The authority added that investments are needed to assess gypsum and limestone deposits in Al Shuwaymiyah and Manji regions, the agency reported.