ahlibank announces $400mn financial closure for Mazoon Copper Project

12/01/2026 04:27 AST

ahlibank on Sunday announced the successful financial closure of 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 exceeding RO154mn ($400mn), incorporating both conventional and Islamic tranches. The deal highlights ahlibank's proven capability in delivering complex project finance solutions and its growing leadership in advising on large-scale investments 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.

In a press statement, Hanaa al Kharusi, Senior General Manager, Wholesale Banking at ahlibank, said, "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. 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.

"For a financial institution, relevance is defined by its capacity to translate strategic ambition into robust and bankable financing frameworks, while balancing risk, tenor, and stakeholder alignment across market cycles. Our role as financial advisor reflects ahlibank's continued commitment to enabling transformational initiatives that contribute meaningfully to economic resilience and sustainable growth."

In its advisory capacity, ahlibank supported the transaction throughout the full financing lifecycle, including transaction structuring, lender engagement and coordination, and execution management, ensuring alignment between sponsor objectives, lender requirements, and the project's long-term operational and financial sustainability, thereby reinforcing the transaction's overall bankability and execution certainty.

The financing follows the groundbreaking of the Mazoon Copper Project in Yanqul, Dhahirah Governorate, held under the patronage of senior leadership. The project will include five open-pit mines and a state-of-the-art processing plant, with copper concentrate production expected to commence 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.

The deal represents a significant milestone in the development of Oman's mining sector and its broader industrial ecosystem. Beyond its contribution to export capacity, the project is expected to generate employment opportunities and stimulate SME participation across the value chain, while adhering to robust environmental and social standards in line with international best practice.

Through its advisory role on the Mazoon Copper Project, ahlibank continues to strengthen its strategic positioning in debt advisory, project finance, and syndicated lending. The transaction reinforces a growing track record of advisory mandates and supports future engagements with corporates, sponsors, and government-related entities across priority growth sectors.

Muscat Daily