MUSCAT: His Majesty Sultan Haitham Bin Tarik has officially issued two Royal Decrees related to exploration and mining concession agreements. The decrees represent a significant step forward in the development and regulation of Oman’s mining sector, underscoring the country’s commitment to diversifying its economy and tapping into the potential of its natural resources. These decrees aim to promote transparency, efficiency, and sustainability in the mining and exploration industries, providing a clearer framework for both local and foreign investors.
The first decree focuses on the rules and regulations surrounding exploration activities, providing clear guidelines for companies interested in conducting mineral exploration in Oman. It sets out the procedures for obtaining exploration licenses, ensuring that all parties involved comply with national standards for environmental protection, safety, and social responsibility. The decree also establishes the framework for monitoring and reporting exploration activities, ensuring that the exploration process is carried out in a manner that benefits both the economy and the local communities.
The second decree is aimed at mining concession agreements, detailing the conditions and requirements for companies seeking to operate mining activities in Oman. It emphasizes the importance of a fair and transparent bidding process, aiming to attract high-quality investments while ensuring that mining operations are conducted responsibly. The decree outlines the responsibilities of mining companies, including environmental stewardship, workforce welfare, and adherence to international best practices in the industry.
These Royal Decrees are a critical part of Oman’s efforts to strengthen its mining sector and increase the contribution of this industry to the country’s economic growth. By providing a structured legal framework for exploration and mining activities, Oman is positioning itself as a competitive and sustainable destination for mining investments. The decrees are expected to enhance the attractiveness of the country’s mining sector, support job creation, and drive technological advancements in the industry.
