Case study · Mining
Mazoon Copper
Portland acted as Co-Financial Advisor to Minerals Development Oman on a US$550m greenfield copper and gold mining project in northern Oman.
Deal value
US$550m
Portland's role
Co-Financial Advisor
Year
2025
Transaction background
The project involved the greenfield development of 5 open-cut mines in the Yanqul region of northern Oman with a probable reserve of 22.96 million metric tons. Portland acted as Co-Financial Advisor alongside Ahlibank to the Sponsor, Minerals Development Oman.
Transaction structure
Project Financing — Greenfield Gold & Copper Project. Co-Financial Advisor.
Selected highlights
- 10-year mine life.
- Among the largest mines in Oman with an estimated 22.9 million tons of probable reserves, at a grade of 1.24% copper — resulting in a total of 285,000 metric tons of copper metal combined with gold content of 0.82 grams per ton, equivalent to 608,900 ounces of gold.
- The largest project undertaken by MDO.
- Lycopodium selected as EPCM Contractor.
- Total project cost of USD 550m with a debt to equity ratio of 75:25.
- The financing is to be provided by local Omani commercial banks.
- Debt tenor for the project of 8 years (2 years construction + 6 years).