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Oman and India sign agreement in field of mining

14 Aug 2021

The sultanate’s Ministry of Energy and Minerals and India’s state-owned Indian Rare Earths Limited (IREL) on Thursday signed a memorandum of understanding (MoU) to promote and develop cooperation between Oman and India in the field of mining.

The MoU was signed by H E MunuMahawar, India’s Ambassador to Oman, and H E Salim al Aufi, Undersecretary of the Ministry of Energy and Minerals.

The MoU provides for the exchange of laws and regulations endorsed by the two countries in the exploitation of mineral resources and data about investment opportunities, according to a press release.

The two sides encourage cooperation in exchanging experiences in the fields of innovation and application of techniques. Both countries will explore modern methods of excavation for minerals and development of industries based on minerals, notably rare minerals, with the aim of realising added value in this field. This is besides enhancing cooperation in technical research and geological surveys.

The MoU comes in pursuance of the Ministry of Energy and Minerals’ efforts to develop the minerals sector in a manner that responds to aspirations attached to this vital sector, being a key pillar in economic diversification as envisaged by Oman’s 2040 Vision.

The agreement with India also comes within the context of the ministry’s keenness on attracting scholarly expertise in exploring mineral resources in Oman, particularly minerals associated with the fourth industrial revolution.

 

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