New high-grade copper prospect unveiled in Oman's Block 8
Power Arabia Ltd, majority-owned by Power Metal Resources PLC — a London-listed exploration company with a global project portfolio — described the newly identified Al Maidar Prospect as a 'high prospectivity target.' This new discovery, along with the previously identified Al Mansur Prospect, underscores the Block's potential to host significant copper mineralization, company officials said.
The Block is currently held by a joint venture between Australian exploration company Alara Resources Ltd and Oman-based Awtad Copper LLC. However, in October last year, Power Metal Resources signed a provisional agreement with the JV to acquire a 12.5% stake in Block 8. Under the terms of the deal, Power Metal committed to investing approximately $740,000 in exploration activities to earn this stake.
'Exploration work, including rock chip sampling, mapping, and in-fill gravimetric geophysical surveying, has focused on two high-priority prospects — the Al Maidar and Al Mansur Prospects — both of which have the potential to host significant mineralization,' Power Metal Resources said in a statement.
Sean Wade, CEO of Power Metal Resources, commented: 'These results further underpin our confidence that these two key prospects have the potential to host significant mineralisation, whilst also demonstrating the wider potential for Block 8 to deliver value to stakeholders and shareholders.'
Atmavireshwar Sthapak, Managing Director of Alara Resources, added: 'We are pleased with the encouraging results from recent exploration activities undertaken by our partners in the Block 8 exploration licence. The Al Mansur Prospect, originally discovered by Alara in 2012–13, continues to demonstrate strong potential and has now progressed to the drill-testing stage. The discovery of the new Al Maidar Prospect by Power Metal further highlights the broader potential of Block 8 to host additional copper mineralisation. Alara is committed to advancing the exploration of Block 8 and intends to increase its stake in the joint venture through continued investment alongside Power Metal.'
According to Power Metal, rock chip sampling from the Al Maidar Prospect yielded copper concentrations of 7.84%, 4.7%, 2.8%, and 2.7%, showing a strong correlation with an associated structural feature. A full technical report has been submitted to the Ministry of Energy and Minerals in support of the project's licence renewal process.
Copper mining and processing is now a significant activity within Oman's rapidly growing mining sector. Leading players in this field include Minerals Development Oman (MDO) — the mining investment arm of the Oman Investment Authority (OIA) — and its subsidiaries Mawarid Mining and Mazoon Mining; Oman Mining Company; Green Tech Mining Services; and Al Hadeetha Resources, among others.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
an hour ago
- Times of Oman
The Emirates A350 begins regular operations to Muscat
Dubai: Emirates' highly anticipated Airbus A350 is now a regular sight at Muscat International Airport, with the start of regular daily services between Dubai and Muscat. The deployment of the next-generation aircraft, originally slated for 1 July, was brought forward by a week. The aircraft operates flight EK 866, which departs Dubai at 2:15 am and arrives in Muscat at 3:30 am. The return leg, EK 867 departs Muscat at 4:40 am and lands in Dubai at 5:55 am, perfectly timed to help customers connect for their flights to destinations in Europe, Americas, Africa and Asia. * The three-class aircraft offers 312 seats with 32 lie-flat seats in Business Class arranged in a 1-2-1 configuration, 21 Premium Economy seats in a comfortable 2-3-2 setup, and 259 spacious Economy Class seats in a 3-3-3 layout. Designed to offer customers an enhanced travel experience, all cabins feature higher ceilings and wider aisles. Customers across all classes enjoy the airline's award-winning and latest in-flight entertainment system, offering a cinematic viewing experience, upgraded cabin lighting, faster connectivity with high-speed Wi-Fi, and improved seat ergonomics for greater comfort on short and medium-haul journeys. The introduction of the Airbus A350 to Muscat highlights Emirates' ongoing commitment to Oman. Muscat is among the first few cities in the region to receive Emirates' next-generation A350, joining a growing network that includes destinations like Kuwait, Bahrain, Dammam and Amman as well as other points like Edinburgh, Mumbai, Tunis, Colombo and Ahmedabad. The airline has so far welcomed seven A350s to its fleet and is expected to serve 17 destinations across its global network by the end of this year. To meet the current summer travel demand, Emirates has also layered on two additional weekly flights between Dubai and Muscat, operating flights on Thursdays and Saturdays. Flight EK 862 departs Dubai at 7:55 am and reaches Muscat at 9:05 am, while the return flight EK 863 takes off from Muscat at 11:25 am and lands in Dubai at 12:30 pm. For more information or to book flights, customers can visit Customers can also book tickets through the Emirates App, Emirates Retail outlets, Emirates contact centres, or via travel agents.
Times of Oman
an hour ago
- Times of Oman
SalamAir releases 2nd quarter On-Time Performance Data
Muscat: SalamAir, Oman's low-cost carrier, has announced its On-Time Performance (OTP) results for the second quarter of 2025, reaffirming its commitment to operational reliability and transparency. OTP is a measure of how often an airline is on time and is an indicator of the airline's ability to meet its commitment to punctuality for its customers. Between April and June 2025, SalamAir operated 5,144 flights and carried 712,610 passengers, achieving an OTP of 88%. This is a 12% improvement in OTP compared to Q1, which was 78%, and demonstrates the airline's dedication to maintaining punctuality despite operational and political challenges across the region. While flight operations during this period were impacted by regional conflicts and other external circumstances beyond our control, SalamAir continued to deliver strong performance and ensure a reliable service for its customers. 'Delivering on-time service is not just a metric, it's a promise we make to every passenger who chooses to fly with us,' said Mohsin Al Balushi, Ground Operations Director of SalamAir. 'Achieving an OTP of 88% in Q2, above global benchmarks and up from 78% in Q1, reflects the dedication of our team and the trust of our customers.' Since Q3 2024, SalamAir has committed to publicly sharing OTP results on a quarterly basis. This initiative aims to offer greater transparency and help travelers make informed decisions based on reliable performance metrics. OTP is calculated based on the percentage of flights departing within 15 minutes of the scheduled time and includes all causes of delay, demonstrating a true reflection on airline performance and customer experience.
Observer
14 hours ago
- Observer
Chancellor's IPO push still lacks momentum
The most recurring question in the financial district of London is: how do you reverse the alarming decline in the capital's attractiveness as a destination for Initial Public Offerings (IPOs). Going by the statistics, it's a question that needs to be addressed with some urgency. Data compiled by EY, the professional services firm, shows that in the first quarter of this year, only five companies listed on the London stock market. Collectively, they raised just £74.7m in proceeds – a 74 per cent year-on-year fall in the same period in 2024. It was hoped that the Chinese on-line fashion giant, Shein, valued at $100 billion, might be the panacea to London's listing struggles. But the company dumped its plan for an IPO in London after failing to win support from regulators in China, as sources told Reuters. They now plan to list in Hong Kong. Economic secretary to the Treasury, Emma Reynolds met executives from technology companies including the bank Revolut, Monzo, Oaknorth, to seek to address London's IPO conundrum. Ministers' level of engagement with industry cannot ne faulted – both Reynolds and the Chancellor Rachel Reeves, have held numerous meetings with company bosses on this matter hoping to convince them to list on the London Stock Exchange. Listing of these top fintech names would provide a badly needed boost to the embattled LSE. The prospect of meaningful action remains unclear, however, in the latest meeting, executives cited the need for tax breaks both on buying UK shares and a capital gains tax cut for employees when offloading their stock, according to people close to the discussions. They called for restrictions on non-executive directors holding – or being paid – shares in order to give them greater incentive to benefit from the growth of their businesses to be removed. One of those who attended the meeting put it starkly: unless a cluster of the companies represented in the meeting choose to list in London, the potential for any real momentum to be injected back into Uk markets will be severely curtailed, they warned. For that to happen they will need significantly greater incentives than those currently on offer. While both Revolut and Monzo have been rumoured to be considering IPOs, and have engaged with UK authorities about listing in London, neither has made a formal announcement or set a date for an IPO. FILE PHOTO: A worker shelters from the rain as he passes the London Stock Exchange in London Revolut has expressed interest in listing on either the London Stock Exchange (LSE) or Nasdaq, but has also indicated a preference for the US market. A potential IPO for Revolut has been discussed. They have been given a banking licence but are building out their banking operations before launching fully as a bank. Revolut CEO Nik Storonsky has publicly stated that a London listing is "not rational" compared to the US market's liquidity and lower trading costs. Monzo, the UK-based digital bank, is also considering an IPO, with potential listings in London or New York. While the LSE is a likely contender due to Monzo's UK headquarters and customer base, the company is also weighing the benefits of a US listing. Some investors fear Monzo may snub the LSE for a US listing, particularly given Monzo's rapid expansion in the US. Oaknorth has been the subject of discussions with UK authorities regarding a potential London listing. The UK government is reportedly trying to persuade these fintech companies to list in London, rather than New York. While Oaknorth is also considering an IPO, details about their plans are less publicly available than those of Revolut and Monzo. Changes have been encouraged by a task force set up to try to revive London's market. But LSE boss Julia Hoggett, who is spearheading the campaign, admitted in a speech last week: 'We still have not seen the real turning point in terms of risk capital within and into the UK.
