• Mon / 20 June 2016 / 14:00
  • Category: Economy
  • News Code: 95033118669

Oman to invest in Iran antimony mine

Oman to invest in Iran antimony mine

TEHRAN (ISNA)- Ubar Mining International LLC, a newly established Omani company, has acquired a 70 per cent stake in an Iranian antimony mine.

The Sirzar mine is located about 125km south west of the Iranian city of Mashhad. It is owned by Mashhad-based Part Gowal Gity Co, which specializes in mining and trading of metal and non-metal minerals.

Part Gowal has been operating the open-cast mine since 2011 and recently commenced underground mining activities to increase production capacity.

The agreement was signed in Mashhad recently, according to a press statement issued by Ubar Mining.

Ahmed al Rawahi, executive chairman of Ubar, and Reza Nakhaei, managing director of Part Gowal, signed the agreement in the presence of Saud Ahmed al Barwani, Oman’s ambassador to Iran, and Ali Akbar Sibeveih, the outgoing Iranian ambassador to Oman.

Rawahi said the acquisition of the stake in the Sirzar mine is aligned to Ubar’s focus to unlock its intrinsic value for shareholders by increasing its portfolio through focused acquisitions. “We are committed to the responsible development of our assets and the environments in which we operate. One of our strategies is to support our government’s policy to create a mineral processing hub in the sultanate,” he said.

Antimony alloys are used in batteries, low friction metals, type metal and cable sheathing while its compounds are used to make flame-proofing materials, paints, ceramic enamels, glass and pottery, Muscat Daily reported.

China used to supply more than ninety per cent of the world’s antimony. It is anticipated that the demand for antimony oxide globally will increase with population growth, increased automotive production, and housing growth, the Ubar statement said.

Nakhaei said, “We are excited about the venture with Ubar.  They will be responsible for the initial exploration, investigative studies and detail structural and economic mapping to produce a proper mine plan and feasibility study to expedite mining and the beneficiation process.”

Ubar is a mining and mining technology company focusing on providing high-value partnerships that enable and facilitate integrated mining, geological and environmental engineering solutions.

Wiaan Basson, CEO of Ubar, said the company has concluded a number of strategic technology partnerships to ensure value added services to clients including beneficiation and technology transfer in the sultanate.

Ubar has also successfully tendered for the reclamation of copper and gold tailing dumps and mining waste in the sultanate. “We are currently in negotiations with other role players in Oman, the MENA region and Africa to expand the footprint of the company,” he added.

End Item



You are replying to: .