Muscat-based Ahlibank has arranged a financing package for the Mazoon Copper Project, Oman’s largest copper mining development, led by Minerals Development Oman ( MDO ).

The deal involved the structuring and coordination of a dual-currency, multi-tranche syndicated loan totalling US$270 million, incorporating both conventional and Islamic tranches.

Ahlibank has a growing presence in debt advisory, project finance, and syndicated lending on projects aligned with the sultanate’s industrial and economic diversification agenda. The financing included participation from both Ahlibank and Ahli Islamic, alongside a group of local financial institutions.

“The Mazoon Copper Project represents a pivotal step in strengthening Oman’s non-hydrocarbon industrial base and securing its position within global critical minerals supply chains,” comments Hanaa al Kharusi, senior general manager, wholesale banking, at Ahlibank. “Projects of this scale demand not only long-term capital, but also foresight, disciplined risk management, and the ability to align financial architecture with national development priorities.”

The financing follows the groundbreaking of the Mazoon Copper Project in Yanqul, Dhahirah Governorate. The project will include five open-pit mines and a processing plant, with copper concentrate production expected to start in 2027. Once operational, the project is set to play a central role in meeting rising global demand for copper, while positioning Oman as a strategic producer of high-quality copper concentrate.