Muscat – In the context of enhancing governance and local content and achieving optimal utilisation of mineral resources as well as economic returns, His Excellency Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, issued the decision.
As per the decision Minerals Development Oman receives exclusive right to export gypsum and chromite ores. It gives priority to the local market for purchasing minerals before export, stipulating that the concentration of exported chromite ore shall not be less than 30%. It also sets a full year transitional period for implementing the decision.
Objectives of the Decision:
• Regulating the minerals market and enhancing transparency.
• Standardizing contracts and marketing specifications.
• Reducing exports and raising the quality of raw materials.
• Supporting local manufacturing and supply chains.
• Increasing the added value of national resources.
This is expected to increase financial revenues from mineral resources, stimulate investment and enhance local content, while supporting small and medium enterprises.