Oman Oil Company (OOC) has announced its first venture in Canada through an investment in BlackRock Metals Inc, a Quebec-based mining company. The investment will be for an equity stake in BlackRock of up to a maximum of 25 per cent upon the achievement of certain project milestones and provides for OOC off-take rights subject to finalisation of terms.
An agreement was signed in Muscat on Monday by H E Nasser al Jashmi, undersecretary in the Ministry of Oil and Gas and OOC board chairman, and Sean Cleary, chairman of BlackRock Metals, according to a press release. The BlackRock project is located in Quebec and consists of the development and construction of an open-pit mine for the extraction of iron ore with vanadium and titanium.
Speaking on the occasion, H E Jashmi said, "We are pleased to announce our latest investment and first in Canada, which is in line with the company's strategy to expand and diversify its growing investment portfolio locally and internationally. Additionally, OOC's ability to off-take a proportion of BlackRock's concentrates will support metal-based industrial projects in the sultanate.”
According to Cleary, it is anticipated that the Middle East, and the sultanate in particular, will play an important role in the company's development and future growth. "With its strategic stakeholder base, including OOC, there are many opportunities in the global metals sector, which BlackRock Metals is uniquely positioned to acquire, develop and bring towards production and profitability. This agreement represents a valuable opening to fast tr