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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

UK’s Power Metal Resources seeks to expand Oman presence

Power Metal executives hosting a meeting with officials of Oman Investment Authority
Power Metal executives hosting a meeting with officials of Oman Investment Authority
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MUSCAT: British-based Power Metal Resources, a metals exploration company with interests in key locations around the world, met with officials of Oman Investment Authority (OIA) and its mining investment arm Minerals Development Oman (MDO), to explore opportunities for cooperation in the Sultanate of Oman’s promising strategic minerals sector.


The meeting, held against the backdrop of the Future Minerals Forum in the Saudi capital Riyadh, underscores growing international investment interest in Oman’s mining industry. Oman is thought to hold potentially sizable mineral commodities, such as copper, lithium, nickel, cobalt and rare earth minerals, that are critical to the ongoing global energy transition.


“Day 2 at the Future Minerals Forum in Riyadh, where we've been busy making new connections and reinforcing established relationships with high-quality partners. Here we are with representatives from the Oman Investment Authority and (Minerals Development Oman),” said a UK firm in a recent post.


AIM-listed Power Metal Resources bills itself as a mining incubator and project generator giving its investors exposure to the raw materials underpinning the global energy transition and ongoing industrialisation.


The company oversees a diverse portfolio of early-stage exploration assets across strategic metals like tungsten, uranium, gold, copper and nickel. Its business model focuses on making large-scale discoveries and crystallising value through joint ventures, spin-outs and asset sales.


Significantly, this week’s meeting with OIA and its MDO subsidiary is an opportunity for Power Metal to build on its modest, but budding, presence in the Sultanate of Oman.


Last September, Power Arabia — a subsidiary of Power Metal Resources PLC — finalised an agreement with the partnership of Australian exploration firm Alara Resources Ltd and Awtad Copper LLC to acquire a 13 per cent stake in the Block 8 concession in northwestern Oman. Power Metal said at the time that it would manage the exploration work in close collaboration with Awtad Copper.


Block 8, covering an area of 498 sq km, extends along the low foothills of the ophiolite chain around 130 km north of Muscat. The Awtad Project has favourable geology and significant exploration potential for new discoveries of copper mineralisation. Alara, the Australian JV partner, had previously explored some parts of the licence area and identified some geophysical anomalies requiring further work.


In the Gulf region, Power Metal has interests in Saudi Arabia — the latest addition to a global portfolio that also includes active projects in Australia, Botswana, Canada, Tanzania and the United States.


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