Oman-based Mawarid Mining, a leading independent mining firm, is planning a potential investment of up to $100 million in the development of copper deposits in its Block 1 and 2 concessions in North Al Batinah Governorate, said a report.

The two blocks, part of Mawarid Mining’s portfolio of mineral assets in Oman, were the subject of a joint venture (JV) partnership agreement signed by the company with Minerals Development Oman (MDO), a new national mining investment flagship, added the Oman Daily Observer report.

The JV has committed to assessing and developing the copper reserves potential of the two blocks, it said.

Tariq al Barwani, CEO of Mawarid Mining, a 60 per cent partner in the JV, said that the investments by the partnership will be based on a ‘stage-gate’ process typical of any project of this kind.

He added that the Stage 1 will entail an investment of around $1 million in exploration, and provided this stage is successful, the company will then make a further investment of $5 million in detailed engineering, detailed design and detailed feasibility.

Al Barwani noted that based on the success of this stage, the company will go into mining operations, and that will include a $50-100 million investment jointly by the partners.