Taqa platform expands mining services to boost investment
MUSCAT: The Ministry of Energy and Minerals has expanded its Taqa digital platform to include mining license management, further streamlining the investment process in Oman's growing mining sector. This enhancement builds on the platform's existing services, such as managing auctions for public sites and concession areas.
Saeed bin Awad al Shukri, Director of the Information Technology Department at the ministry, highlighted the significance of this expansion. 'The Ministry is committed to continuously developing the Taqa platform to align with legislation and investment incentives that drive growth in the mining sector. The platform provides opportunities in exploration, mining, manufacturing, research and development, and laboratories.'
The upgraded Taqa platform integrates advanced digital tools to enhance the investor experience. New features include: A user guide outlining all applicable procedures; A message center and notifications to keep investors informed; Automated bidding for mining opportunities; Seamless company registration and operational processes; A digital order tracking system for license applications and ; Automatic fee collection for efficiency and transparency.
The four core services of the platform now cover: Archiving and bidding; Licensing and revenue management; Contract management; and Inspection and site visits.
The ministry has introduced a comprehensive digital licensing system, enabling: Issuing and renewing exploration and mining licenses; Closing exploration and mining sites; and Canceling exploration and mining licenses.
According to Al Shukri, these digital licensing services streamline the investment process and enhance regulatory oversight. He emphasized that investors must meet specific technical and financial requirements, including an executive summary, business plans, and proof of financial capability, before applying for mining opportunities.
As part of its investment drive, the ministry has announced six new mining concession areas across Oman, containing valuable mineral deposits such as silica, salts, sandstone, limestone, barite, and manganese. These areas, exceeding 100 sq km, are available for long-term investment agreements ranging from 20 to 30 years.
While investors will be allowed to explore and extract minerals, construction materials, marble, and rare earth elements are excluded from the concessions. Additional incentives include competitive royalty rates and reduced fees to attract both local and international investors.
Al Shukri emphasized that the expansion of Taqa aligns with Oman Vision 2040, which prioritizes strategic investments in the minerals sector. He added, 'The ministry remains focused on integrating smart bidding systems and transparent mechanisms to ensure efficiency and ease of doing business in Oman's mining industry.'
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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