FINANCIAL NEWS

Oman launches mining firm at USD 258.8mn

06 Jan 2016

(MENAFN) In order to develop Oman’s mining sector, four state-owned investment arms of Oman joined together to promote a USD 258.8mn mining development company.

Furthermore, the State General Reserve Fund (SGRF), the Oman Investment Fund (OIF) and Oman National Investment (Tanmia) will own promoters’ capital of USD 155.30mn.

On the other hand, the remaining USD 103.53mn will be raised from the investing public over an initial public offering (IPO) in the second quarter of 2016.

Mining Development Oman will carry both downstream (like mining) and upstream activities, which involves exploration and extraction operations.

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