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13-03-14

Oman Oil in first mining venture

(MENAFN) Oman Oil Company (OOC) said that it plans for its first mining business in Oman, Times of Oman reported. OOC has signed a memorandum of understanding with Mawarid Mining and Oman Mining Company for the development of the Yanqul copper project. OOC"s investment will be for an equity stake of 41 percent when a definitive feasibility study for the project is complete. Mawarid Mining will have an equity stake of 49 percent, with the remaining going to Oman Mining Company.