Minerals Development Oman

What Minerals Development Oman does

Minerals Development Oman (MDO) is the Sultanate of Oman's state-owned mining investment vehicle, established in 2017 and majority-owned (76.8%) by the Oman Investment Authority, with the balance held by Oman National Investment Company (TANMIA). The company operates as a closed joint-stock company (SAOC) headquartered in Muscat and manages a diversified portfolio of 11 upstream and downstream mineral projects across copper, chromite, limestone, gypsum, dolomite, silica, salt, titanium, and aluminum, spanning ~35,000 sq km of concession areas with 14 active exploration-to-mining licenses.

MDO's core technology stack centers on airborne geophysical surveys (magnetic, radiometric, electromagnetic, and gravity) executed through a partnership with Sander Geophysics, covering ~21,480 sq km to support resource identification. Downstream processing capabilities include ore beneficiating and blending to achieve minimum 36% chromium oxide grade for chromite exports, plus downstream manufacturing in titanium slag (150,000 tpa capacity at Sohar Freezone, 89% complete) and aluminum wheels (2.1M ton capacity at Oman Synergies Casting). Infrastructure investments include a $419 million dedicated bulk minerals port at Al Shuwaimiyah with 27 MTPA capacity, developed in partnership with JSW Group.

Revenue is generated through three streams: (1) direct mineral production and sales (chromite, limestone, gypsum, copper concentrate) to industrial customers via multi-year B2B contracts; (2) equity returns from project-level JVs and subsidiaries where MDO holds varying stakes (96% Mazoon Mining, 100% Oman Mining Company, 35% Sohar Titanium, 25% Oman Chromite, 75% Al Wusta Mining); and (3) trading services through the newly established Oman Minerals Trading Company (OMTC). FY2025 revenue was RO 10.1 million (~$26M), deliberately down from RO 16.6M in FY2024 as the company prioritizes strategic project development over near-term commercial scale. Customers span steel plants (high-purity limestone from Wafra Mining), glass manufacturers (silica from Al Wusta Mining), construction aggregates buyers (Duqm Quarries), chemical processors (Naqa Salt), and international metallurgical and titanium dioxide buyers across Asia, Europe, and Africa.

Name

Minerals Development Oman

Legal name

Minerals Development Oman SAOC

Website

https://mdo.om

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Minerals Development Oman (MDO) is a state-owned mining investment company (Oman Investment Authority 76.8%, TANMIA 23.2%) that develops upstream and downstream mineral projects across copper, chromite, limestone, gypsum, titanium, and industrial minerals, holding ~35,000 sq km of concession areas and serving industrial customers and international trading partners.

Ownership category

akta.pro rank

Product category

Mining & Mineral Production

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Nonmetallic Mineral Mining and Quarrying (2123)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090), Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

Keywords

• Mineral exploration
• Copper mining
• Chromite production
• Industrial minerals
• Mining investment

Headquarters

HQ city

Muscat

HQ country

Oman

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Mineral Production and Sales: MDO generates revenue through the production and sale of mineral products including chromite ore, limestone, gypsum, and other industrial minerals. Revenue declined to RO 10.1 million in 2025 from RO 16.6 million in 2024, reflecting the company's current focus on developing strategic projects rather than operating at full commercial scale.
2. Project Equity and Joint Ventures: MDO holds equity stakes in various mining projects including 35% in Sohar Titanium, 96% in Mazoon Mining, 100% in Oman Mining Company, 40% in Ahjaar Mining, and 70% in Duqm Quarries. Returns are realized through project dividends and equity appreciation as projects reach operational stages.
3. Mineral Trading and Export Services: Through subsidiary Oman Minerals Trading Company (OMTC), MDO provides mineral export services and pricing transparency for strategic minerals, generating service-based revenue from traders and international buyers.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Minerals Development Oman (MDO) is a state-owned mining investment company that invests in exploration activities and develops upstream and downstream projects targeting strategic minerals in the Sultanate of Oman. The company produces and sells copper concentrate, chromite, limestone, gypsum, titanium dioxide, salt, silica, dolomite, gabbro, and aluminum wheels through wholly-owned subsidiaries, joint ventures, and mining projects. Its portfolio spans exploration concessions covering approximately 35,000 square kilometers, operating mines and quarries, mineral processing facilities, and trading operations.

Product overview

Minerals Development Oman (MDO) operates as a state-owned mining investment company managing a diversified portfolio of upstream and downstream mining projects across Oman. The portfolio includes copper and gold mining (Mazoon Mining at 96% ownership), limestone operations (Wafra Mining), salt extraction (Naqa Salt), gabbro quarrying (Ahjaar Mining), and construction aggregates (Duqm Quarries). Downstream activities include titanium dioxide production (Sohar Titanium at 35% ownership) and aluminum wheel manufacturing (Oman Synergies Casting at 13.7% ownership). The company also holds strategic stakes in chromite mining (Oman Chromite at 25%), silica production (Al Wusta Mining at 75%), and gypsum/building materials (Kunooz Oman Holding at 20%, and Ash Shiwaymiyyah Industrial Minerals Project). Infrastructure development includes the Al Shuwaimiyah minerals port. These projects collectively support Oman's Vision 2040 diversification strategy by developing processing and export infrastructure across strategic minerals including copper, chromite, silica, gypsum, limestone, dolomite, salt, titanium, and aluminum.

Differentiator

Problem solved

Functional benefit

Products and services

• Copper and Gold (Mazoon Mining) Copper concentrate and gold production from the Mazoon Mining joint venture between MDO and Çalık Holding, sold to international smelters and base-metals traders.
• Limestone (Wafra Mining) Limestone mining and supply for steel manufacturing flux and cement clinker production, serving regional cement producers and steel plants.
• Gabbro Aggregates (Duqm Quarries) Gabbro aggregate production for road base, concrete aggregate, and infrastructure construction, serving construction and infrastructure projects.
• Industrial Salt (Naqa Salt) Industrial salt production for chlor-alkali, water treatment, and chemical industry customers.
• Silica (Al Wusta Mining) High-purity silica sand extraction for flat glass, container glass, solar glass, and chemical industry manufacturers.
• Chromite (Oman Chromite) Chromite ore mining for international metallurgical customers producing ferrochrome and chromium chemicals.
• Aluminum Wheels (Oman Synergies Casting) Cast aluminum wheels for automotive OEM and aftermarket customers, supplying global vehicle manufacturers and wheel distributors.
• Titanium Slag (Sohar Titanium) Titanium slag production from the Sohar Titanium JV with Propan, supplying downstream titanium dioxide pigment producers and aerospace alloy manufacturers.
• Gypsum and Building Materials (Kunooz Oman Holding) Gypsum extraction and processing for cement, plaster, plasterboard, and building materials manufacturers.
• Industrial Minerals Project (Ash Shiwaymiyyah) Industrial minerals extraction project at Ash Shiwaymiyyah producing dolomite and other industrial minerals for steel, glass, and chemicals industries.
• Mineral Trading Services (Oman Minerals Trading Company - OMTC) Centralized mineral trading, marketing, and logistics services for MDO's mineral production, providing consolidated export capability to international buyers.
• Al Shuwaimiyah Minerals Port

Quantifiable outcome

• Targeting 400,000 tonnes per year chromite production by 2030 with profit margins exceeding 20%
• +4 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles5 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

14 partnerships are on record, tiered flagship, core and minor.

• Exploration Investment Company BotswanaflagshipStrategic or Co-development Partner · 1 April 2026Botswana mineral exploration partnership between Minerals Development Oman and Exploration Investment Company Botswana, representing a rapidly evolving bilateral relationship that progressed from initial engagements in mid-2025 to formalized investment projects. The partnership is part of Botswana's major economic transformation strategy to reduce diamond dependency by developing critical minerals including copper, lithium, cobalt, uranium, and manganese.
• OQ GroupcoreStrategic or Co-development Partner · 1 April 2026OQ Group and Botswana Oil agreed to evaluate strategic cooperation in fuel supply and storage infrastructure during Botswana President Duma Gideon Boko's official visit to Oman.
• O-GreenminorStrategic or Co-development Partner · 1 April 2026O-Green signed a Power Purchase Agreement with Botswana Power Corporation for a 500 MW solar photovoltaic project with battery storage in Maun, Botswana, as part of the bilateral cooperation agreements.
• NAQAA Sustainable EnergycoreStrategic or Co-development Partner · 1 April 2026NAQAA Sustainable Energy is designing, financing, and operating the 500-megawatt solar photovoltaic project with battery storage in Maun, Botswana, expected to operate for at least 25 years as part of Botswana's renewable energy targets.
• EtexcoreStrategic or Co-development Partner · 1 January 2026Belgian construction materials company Etex acquired a 25% stake in Oman's Kunooz Gypsum through a joint venture with Kunooz Oman Holding (where MDO holds 20%). The partnership targets gypsum markets across Middle East, Asia-Pacific, and Africa, combining European construction expertise with Omani mineral resources. Transaction subject to regulatory approvals with completion expected Q2 2026.
• JSW GroupflagshipStrategic or Co-development Partner · 1 November 2025MDO and JSW Group signed a RO 204 million deal for the South Minerals Project, establishing an integrated mineral extraction and export facility with dedicated port capacity of 27 million tonnes annually. JSW Infrastructure is developing a greenfield bulk minerals port at Al Shuwaimiyah with $419 million investment, targeting completion within 36 months and operational start in 2029.
• JSW IndiacoreStrategic or Co-development Partner · 1 January 2025Ash-Shuwimiyah Industrial Minerals Project in Dhofar, partnered with JSW India, includes a specialized deep-sea port with 27 million tonnes annual handling capacity. This represents Oman's shift from geological exploration to building processing and export infrastructure.
• Petroleum Development Oman (PDO)minorStrategic or Co-development Partner · 1 January 2023MDO collaborates with PDO to study the possibility of producing raw salt from deep waters associated with oil production. These saline waters are 3.5 times more saturated with sodium chloride than seawater and purer than salt extracted from seawater.
• Environment AuthorityminorImplementation/ SI/ Consulting Partner · 1 January 2023Technical cooperation agreement to accelerate and facilitate environmental services through the government services portal. Program targets procedures for obtaining environmental licenses, approvals, project requirements review, and periodic compliance inspections for MDO's mining projects.
• Dubal HoldingcoreStrategic or Co-development Partner · 1 November 2022Strategic partnership for Sohar Titanium Project where Dubal Holding co-invests in the titanium dioxide production facility in Sohar Free Zone. MDO owns 35% of the project with Dubal Holding and TI International through Gulf Titanium Company.
• TI InternationalcoreStrategic or Co-development Partner · 1 November 2022TI International partners with MDO and Dubal Holding in the Sohar Titanium Project through Gulf Titanium Company, contributing to the development of Oman's first titanium slag production facility with 150,000 tonnes per annum capacity.
• Oman Institute for Oil and Gas (InstOG)minorImplementation/ SI/ Consulting Partner · 1 September 2022MDO signed agreement with InstOG to conduct a two-year technical training program in mining for government and private sector employees. Program includes nine training modules covering geology, mine design, mining economics, feasibility studies, HSE, and ore extraction and processing.
• Riyada (Small and Medium Enterprises Development Authority)minorImplementation/ SI/ Consulting Partner · 1 September 2022Cooperation agreement with Riyada to support SMEs and boost their business growth in mining-related services. MDO signed six contracts with Riyada card holders valued at OMR 6.8 million for services including limestone quarry operation, exploration drilling, and geochemical surveys.
• Sander Geophysics LtdcoreTechnology or Integration · 1 April 2022Sander Geophysics Ltd contracted to conduct airborne geophysical surveys covering MDO's concession areas of approximately 21,480 square kilometers for a period of two years. Surveys use fixed-wing aircraft to obtain magnetic, radiometric, electromagnetic, and gravity data for enhanced geological knowledge and mineral anomaly identification.

Scale indicators23 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Saudi Arabian Mining Company (Maaden): Saudi Arabia's state-owned mining champion with a diversified portfolio of phosphate, aluminum, gold, copper, and industrial mineral assets. Closely comparable as a GCC sovereign mining investment vehicle developing upstream and downstream projects tied to national diversification agendas (Saudi Vision 2030 vs Oman Vision 2040).
• National Mineral Development Corporation (NMDC, India): India's state-owned iron ore mining major with diversification into copper, diamonds, and other minerals. Comparable as a sovereign mining investment company in an emerging market with a similar mix of bulk mineral production, project development pipeline, and strategic role in national industrial supply.

Broad incumbents

• Emirates Global Aluminium (EGA): UAE's state-owned aluminum giant operating bauxite mining through Guinea subsidiaries and primary aluminum smelting. Comparable as a Gulf-region sovereign metals platform with downstream processing focus, though focused specifically on aluminum versus MDO's diversified mineral portfolio.
• Vedanta Resources: India-listed diversified mining and metals group producing iron ore, copper, aluminum, zinc, lead, and silver. Comparable as a diversified miner with both upstream extraction and downstream processing, though privately controlled by Vedanta Group rather than state-owned.
• Codelco: Chile's state-owned copper mining company and the world's largest copper producer. Comparable as a sovereign copper champion with vertical integration into processing, though at vastly larger scale and longer operational history than MDO's emerging copper portfolio.

Emerging players

• Hindustan Zinc: India's largest zinc-lead miner and silver producer, majority-owned by Vedanta. Comparable in operating model (integrated mining-to-metal), exposure to industrial metals demand cycles, and connection to regional industrial customers.
• Tronox Holdings: Global titanium dioxide producer with vertically integrated mineral sands mining. Comparable specifically to MDO's Sohar Titanium Project for exposure to the titanium slag/TiO2 value chain serving paints, plastics, and aerospace end markets.

Regional players

• KGHM Polska Miedź: Poland's state-controlled copper and silver producer with significant global mining assets. Comparable as a sovereign copper and precious metals miner integrated from mine through smelting and refining, operating across multiple geographies.
• Saudi Arabia's TAQA: Saudi Arabia's industrial minerals and mining investment vehicle, similar in mandate as a sovereign platform developing mineral resources for national diversification. Comparable regional positioning and downstream integration focus.

Others

• Oman Oil Company (OQ Group): Oman's integrated energy and mining group with diversified interests across hydrocarbons, petrochemicals, and minerals. Comparable as a domestic Omani state-owned platform with overlapping strategic interests, including recent joint cooperation with MDO on Botswana engagements.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/MDO_OM
• YouTubeyoutube.com/channel/UC2OMnnyralpaKftVyxz8CdQ
• LinkedInlinkedin.com/company/minerals-development-oman-saoc-mdo
• Instagraminstagram.com/mdo_om

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries12 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Minerals Development Oman