Copper lures buyers as New York futures hover above $4/lb
Copper futures edged higher in London and New York as tentative signs of buying interest emerged following a string of losses.
Oman has announced a significant milestone with the first shipment of copper concentrates, marking the resumption of copper export from the sultanate after a 30-year hiatus.
Approximately 900 tonnes of copper concentrates were shipped from the Lasail mine in Sohar, being developed by Minerals Development Oman (MDO).
This landmark achievement, said MDO, not only revives copper mining in Oman after nearly 30 years but also underscores its commitment to economic diversification and sustainability.
Matar bin Salem Al-Badi, CEO of MDO, noted the historical significance and emphasized the region’s 3,000-year history of copper mining, including the work of the Oman Mining Company since 1983.
“The export of the first shipment from the Lasail mine is a testament to our ability to transform challenges into tangible opportunities for growth,” Al-Badi said in a press release.
The processed ore at Lasail is expected to yield high-quality copper concentrates with purity levels ranging between 18% and 22%. Its average annual production is estimated at around 500,000 tonnes of copper ore.
MDO said it also has plans to start the Al-Baydha mine in Liwa by 2025-2026. Together, these mines have a combined reserve of approximately 2.78 million tons of copper ore. The first phase of the redevelopment project is expected to span 4 to 5 years.
The company said its vision extends beyond the redevelopment of the Lasail and Al-Baydha mines, and that it is actively conducting exploratory studies in nearby regions to boost copper reserves. Its plans include the Mazoon project, Oman’s largest integrated copper concentrate production initiative.
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