Markets

Oman

Oman’s mining sector has gained momentum due to a strategic push for diversification beyond oil and gas. The country is rich in copper, gold, chromite, limestone, and gypsum, with a particular focus on developing its base metals sector.

Key legislative improvements include:

  • Mining Law Update (2019): The introduction of a new mining law streamlined licensing procedures, provided greater clarity on ownership rights, and introduced financial incentives for investors.
  • Reduced Royalty Rates: Oman lowered royalty rates for mining companies, making it more competitive with regional peers.
  • Public-Private Partnerships (PPP): The government is encouraging joint ventures between foreign companies and Omani firms, particularly in underexplored areas such as the Dhofar and Al Batinah regions.
  • The MDO (Minerals Development Oman), a state-backed entity, has been actively partnering with global mining firms to accelerate exploration and production, particularly in copper and gold deposits.

Oman has significant untapped geological potential, particularly in copper, gold, chromite, limestone, gypsum, and rare earth elements (REEs). The Semail Ophiolite Belt, one of the world’s best-preserved ophiolite sequences, is rich in volcanogenic massive sulfide (VMS) copper-gold deposits, with substantial areas yet to be explored.

Major Mines and Production:

  • The Sohar Copper Project, operated by Al Hadeetha Resources (Alara Resources – Australia), is one of the largest copper projects under development, with an estimated 1 million tonnes of copper ore per year at the Washihi deposit.
  • The Gulf Mining Group is a key player in Oman’s chromite sector, with annual production exceeding 100,000 tonnes.
  • Gypsum exports from companies like Oman Gypsum LLC have reached 10 million tonnes per year, positioning Oman as one of the largest global suppliers.

Oman’s mineral exploration potential is largely underdeveloped, particularly in its copper, gold, chromite, and rare earth elements (REEs) sectors. The Semail Ophiolite Belt is one of the world’s most promising locations for volcanogenic massive sulfide (VMS) copper-gold deposits, yet many regions remain underexplored.

  • Copper Exploration: The Al Batinah and Dhofar regions hold high-grade copper potential, with multiple deposits identified but not yet fully assessed.
  • Rare Earth Elements (REEs): Southern Oman has shown signs of REE-bearing carbonatites, which could become a strategic resource for the global tech industry.
  • Gold and Polymetallic Deposits: With a history of artisanal gold mining, Oman’s central region remains open for large-scale exploration, particularly in areas adjacent to known copper deposits.

Egypt

Egypt has undergone a major mining sector reform in recent years, positioning itself as a rising player in the gold and base metals market. The country’s Arabian-Nubian Shield hosts significant untapped potential, particularly in gold, copper, and phosphate deposits.

Key legislative improvements include:

  • Mining Law Amendments (2020): Egypt removed production-sharing agreements, replacing them with a more investor-friendly royalty and tax system, aligning with global standards.
  • Improved Licensing System: The government introduced transparent bidding rounds, attracting major global players such as Barrick Gold and Centamin.
  • Expansion of Exploration Areas: New blocks in the Eastern Desert and Red Sea regions have been opened for exploration, with government backing for infrastructure development.
  • The success of Centamin’s Sukari Gold Mine, Egypt’s largest gold producer, has demonstrated the country’s potential, producing approximately 440,000 ounces of gold annually.

Egypt’s Arabian-Nubian Shield is one of the world’s most prospective but underexplored geological regions, hosting gold, copper, zinc, and phosphate deposits. Recent legislative changes have unlocked substantial opportunities for foreign miners.

Major Mines and Production:

  • Sukari Gold Mine, operated by Centamin (UK), is Egypt’s largest gold mine, producing approximately 440,000 ounces of gold per year. The mine has an estimated reserves of 7.7 million ounces and continues to expand.
  • Barrick Gold (Canada) and other major companies have recently secured exploration licenses in Egypt’s Eastern Desert, targeting high-grade gold deposits.
  • Phosphate Mining in the Abu Tartur region contributes over 5 million tonnes annually, making Egypt a key global exporter.

Egypt has undergone a major mining sector reform in recent years, positioning itself as a rising player in the gold and base metals market. The country’s Arabian-Nubian Shield hosts significant untapped potential, particularly in gold, copper, and phosphate deposits.

Key legislative improvements include:

  • Gold Belt Expansion: The Eastern Desert hosts numerous orogenic gold deposits, with new exploration licenses granted to Barrick Gold, B2Gold, and Centamin in recent years.
  • Copper and Polymetallic Potential: The South Sinai and Western Desert regions contain copper-zinc-lead deposits, with recent surveys indicating large mineralized zones.
    • Phosphate and Rare Earths: The Abu Tartur Plateau is one of North Africa’s richest phosphate regions, with potential REE extraction from phosphatic ores.

Egypt’s Arabian-Nubian Shield is highly underexplored, with immense potential for gold, copper, and base metal deposits. Despite the success of Sukari Gold Mine, large parts of Egypt’s Eastern Desert and Red Sea regions remain virtually untouched by modern exploration techniques.

  • Gold Belt Expansion: The Eastern Desert hosts numerous orogenic gold deposits, with new exploration licenses granted to Barrick Gold, B2Gold, and Centamin in recent years.
  • Copper and Polymetallic Potential: The South Sinai and Western Desert regions contain copper-zinc-lead deposits, with recent surveys indicating large mineralized zones.
  • Phosphate and Rare Earths: The Abu Tartur Plateau is one of North Africa’s richest phosphate regions, with potential REE extraction from phosphatic ores.

Algeria

Algeria, rich in iron ore, phosphate, gold, and rare earth elements, has historically struggled with bureaucratic obstacles in mining investment. However, recent reforms aim to attract foreign capital and modernize the sector.

Key legislative improvements include:

  • New Mining Law (2023): Simplifies mining permits, ensures greater investor protection, and increases the role of private investors in mineral exploration.
  • Strategic Focus on Phosphates: Algeria is investing in large-scale phosphate mining projects, particularly in the Tebessa region, aiming to become a global supplier.
  • Iron Ore Expansion: The long-delayed Gara Djebilet iron ore project has been revived, with China and Russia expressing interest in its development.
  • Algeria’s mining industry is now seen as more open to international investors, with growing opportunities in gold exploration and battery metals.

Algeria is highly prospective for iron ore, gold, phosphate, zinc, and rare earth elements (REEs). Despite large-scale resources, political and regulatory challenges have historically limited foreign investment, though recent reforms aim to change this.

Major Mines and Production:

  • Gara Djebilet Iron Ore Mine, one of the largest untapped iron ore deposits in the world, holds over 3 billion tonnes of high-grade iron ore. Chinese and Russian investors are involved in its development.
  • The Tebessa Phosphate Project, operated by Ferphos Group, has an annual production capacity exceeding 2.5 million tonnes, with plans for further expansion.
  • Amesmessa Gold Mine, operated by ENOR (Algerian National Mining Company), produces around 40,000 ounces of gold per year, though additional deposits in the Hoggar Mountains suggest much greater potential.

Algeria is highly prospective for iron ore, gold, phosphate, zinc, and rare earth elements (REEs). Despite large-scale resources, political and regulatory challenges have historically limited foreign investment, though recent reforms aim to change this.

Major Mines and Production:

  • Gara Djebilet Iron Ore Mine, one of the largest untapped iron ore deposits in the world, holds over 3 billion tonnes of high-grade iron ore. Chinese and Russian investors are involved in its development.
  • The Tebessa Phosphate Project, operated by Ferphos Group, has an annual production capacity exceeding 2.5 million tonnes, with plans for further expansion.
  • Amesmessa Gold Mine, operated by ENOR (Algerian National Mining Company), produces around 40,000 ounces of gold per year, though additional deposits in the Hoggar Mountains suggest much greater potential.

Algeria’s Proterozoic and Archean terranes hold massive unexploited mineral resources, particularly in iron ore, gold, phosphates, and critical minerals. However, exploration remains in its early stages due to previous regulatory restrictions, which are now easing.

  • Gold and Copper-Gold Deposits: The Hoggar Mountains in the south contain high-grade gold-copper systems, with only a fraction of the region fully explored.
  • Iron Ore Potential: The Gara Djebilet deposit is one of the world’s largest untapped iron ore sources, with an estimated 3 billion tonnes of high-grade reserves.
  • Rare Earth Elements (REEs): Algeria’s REE potential is gaining attention, with significant discoveries linked to its phosphate-rich regions in the Tebessa Basin.

Tunisia

Tunisia is traditionally known for phosphate production, but the government is now encouraging broader mineral exploration, particularly in copper, zinc, and rare earth elements.

Key legislative improvements include:

  • Mining Investment Code (2022 Update): Provides tax incentives and fast-track licensing for junior exploration companies.
  • Phosphate Sector Revival: The government is investing in upgrading infrastructure to increase phosphate production, particularly in the Gafsa region.
  • New Exploration Blocks: The Ministry of Energy and Mines has opened new areas for exploration, particularly in northern Tunisia, where potential for base metals and REEs exists.

Tunisia is known primarily for phosphate mining, but it also hosts deposits of lead, zinc, iron ore, and rare earth elements. The Kef and Gafsa regions hold some of the most significant mineral potential.

Major Mines and Production:

  • Gafsa Phosphate Mines, managed by the Groupe Chimique Tunisien (GCT), produce around 4-5 million tonnes of phosphate rock annually, ranking Tunisia among the world’s top phosphate producers.
  • Zinc and Lead Deposits in northern Tunisia are attracting new interest, with companies like Celamin Holdings (Australia) exploring the Djebel Trozza deposit.

Tunisia’s mineral potential extends far beyond phosphates, with zinc, lead, copper, and rare earth elements becoming new exploration targets. However, much of the country remains underexplored due to historically limited investment in geological mapping.

  • Zinc and Lead Exploration: The northern Tunisia mining district, particularly the Djebel Trozza and Sidi Bouzid areas, contains promising base metal deposits.
  • Phosphate Expansion: Tunisia’s Gafsa Basin still holds undeveloped phosphate reserves, with new projects aimed at increasing output.
  • Rare Earth Elements (REEs) and Lithium: Recent studies indicate the presence of REE-rich clay deposits, positioning Tunisia as a potential supplier for battery and green tech industries.

Algeria’s Proterozoic and Archean terranes hold massive unexploited mineral resources, particularly in iron ore, gold, phosphates, and critical minerals. However, exploration remains in its early stages due to previous regulatory restrictions, which are now easing.

  • Gold and Copper-Gold Deposits: The Hoggar Mountains in the south contain high-grade gold-copper systems, with only a fraction of the region fully explored.
  • Iron Ore Potential: The Gara Djebilet deposit is one of the world’s largest untapped iron ore sources, with an estimated 3 billion tonnes of high-grade reserves.
  • Rare Earth Elements (REEs): Algeria’s REE potential is gaining attention, with significant discoveries linked to its phosphate-rich regions in the Tebessa Basin.

Indonesia

Indonesia remains a top player in nickel, bauxite, coal, and gold mining, and recent reforms have further enhanced its attractiveness for foreign investment.

Key legislative improvements include:

  • Mining Law Revision (2020-2023): Strengthened legal security for investors, extended operational permits, and provided a clearer regulatory framework.
  • Nickel Downstream Development: Indonesia has implemented a ban on raw nickel exports, incentivizing foreign companies to build processing and refining plants domestically. This has attracted significant investment from China and South Korea, particularly in EV battery production.
  • Bauxite and Copper Processing Incentives: Similar to nickel, Indonesia is pushing for domestic value addition, leading to new refinery projects in Kalimantan and Sulawesi.
  • Gold Mining Expansion: The country’s largest gold producer, Freeport Indonesia (Grasberg Mine), continues to expand operations, with annual production exceeding 1.3 million ounces of gold and significant copper output.
  • Indonesia’s combination of vast mineral wealth, strategic policies, and downstream processing mandates has made it one of the most attractive mining destinations in Asia.

Indonesia is one of the world’s richest mining jurisdictions, with world-class deposits of nickel, copper, gold, coal, and tin. The Sunda-Banda Arc and Central Kalimantan regions host some of the largest mineral reserves in Asia.

Major Mines and Production:

  • Grasberg Mine, operated by Freeport Indonesia (Freeport-McMoRan – USA & Inalum – Indonesia), is one of the largest gold and copper mines in the world, producing over 1.3 million ounces of gold and 3.2 million tonnes of copper per year.
  • Morowali Nickel Complex, developed by Tsingshan Holding Group (China), is the world’s largest nickel processing hub, refining over 2 million tonnes of nickel annually, supplying the global EV battery industry.
  • Batu Hijau Copper-Gold Mine, operated by Amman Mineral (Indonesia), produces approximately 200,000 tonnes of copper and 300,000 ounces of gold per year.

Indonesia is one of the world’s most geologically diverse mining jurisdictions, yet large areas of Sumatra, Sulawesi, and Kalimantan remain underexplored. The country’s extensive porphyry copper-gold, nickel laterite, and coal deposits indicate major growth potential in mineral exploration.

  • Porphyry Copper-Gold Systems: West Papua, Sumatra, and Sulawesi contain large, underexplored porphyry systems, with potential for new world-class discoveries similar to Grasberg and Batu Hijau.
  • Nickel and Battery Metals: Indonesia’s eastern islands (Halmahera and Sulawesi) host some of the world’s highest-grade nickel-cobalt laterite deposits, which remain open for expansion.
  • Gold Exploration Boom: New greenfield projects in Aceh and North Sulawesi have attracted major mining companies, seeking to capitalize on the country’s high-grade epithermal gold potential.

Morocco

Morocco has significant unexploited mineral potential beyond its well-established phosphate industry. The country is known to host substantial deposits of copper, silver, lead, zinc, gold, and cobalt, particularly in the Anti-Atlas, Middle Atlas, and Eastern Sahara regions. Morocco is also attracting interest for lithium and rare earth elements (REEs), aligning with global demand for strategic minerals.
The country’s mining sector is led by OCP Group, the world’s largest phosphate exporter, producing over 34 million tonnes of phosphate annually. Other notable mining operations include Managem Group’s Imiter Silver Mine, one of Africa’s largest silver producers, with an annual output of approximately 240 tonnes (7.7 million ounces). Foreign companies like Kasbah Resources (owned by Moroccan group Al Mada) are developing the Achmmach tin project, estimated to hold over 750,000 tonnes of contained tin.

Morocco has long been an attractive destination for mining investment, boasting a well-established phosphate industry, along with growing exploration and development of base metals, precious metals, and strategic minerals. Recent legal and regulatory updates have enhanced the sector’s appeal.
Key legislative improvements include:

  • Mining Code Reforms (2015 & 2023 Updates):Morocco modernized its mining legislation in 2015, introducing a more investor-friendly framework, particularly for non-phosphate minerals. Updates in 2023 have further streamlined permitting processes, enhanced transparency, and provided incentives for greenfield exploration.
  • New Exploration Incentives:The government has introduced tax incentives and royalty reductions for early-stage exploration companies, particularly in underexplored regions such as Anti-Atlas and the Eastern Sahara.
  • Simplified Licensing Processes:A reduction in bureaucratic hurdles, along with digitalization efforts, has made it easier for companies to obtain exploration and exploitation permits.
  • Focus on Critical Minerals:The government is actively promoting investment in cobalt, lithium, and rare earths, aligning with global demand for battery and technology minerals.

Morocco has substantial untapped mineral exploration potential, particularly outside its well-established phosphate sector. The Anti-Atlas region is considered one of the most promising areas for gold, copper, silver, and cobalt, with recent discoveries highlighting the potential for large-scale deposits. The Eastern Sahara region, largely unexplored due to logistical challenges, is gaining interest due to indications of rare earth elements (REEs), lithium, and nickel.
In addition, Morocco’s focus on critical minerals aligns with the global energy transition. The government is actively promoting the exploration of lithium-bearing pegmatites, particularly in regions with known spodumene mineralization. Recent airborne geophysical surveys have revealed potential new polymetallic zones, attracting interest from international explorers.

Zambia

Zambia is one of the world’s richest copper-bearing nations, with vast unexploited mineral potential, particularly in copper, cobalt, gold, nickel, manganese, and lithium. The Central African Copperbelt, extending into the Democratic Republic of Congo, remains the primary focus of exploration and development.
The country’s largest mining operations include Kansanshi Mine, owned by First Quantum Minerals, which produced 170,000 tonnes of copper and 130,000 ounces of gold in 2023. The Mopani Copper Mines, previously owned by Glencore and now under ZCCM-IH, continues to be a major producer. Meanwhile, Barrick Gold’s Lumwana Mine produced over 250,000 tonnes of copper in 2023, reinforcing Zambia’s global role in copper supply. Emerging projects, particularly in lithium and nickel, are drawing significant interest as Zambia aims to diversify beyond copper.

Zambia, one of the world’s leading copper producers, has historically seen fluctuating investor confidence due to policy uncertainty. However, recent reforms under the new administration have signaled a major shift towards pro-investment policies.
Key legislative improvements include:

  • Mining Tax Reforms (2022-2024):The Zambian government has reversed previous punitive tax policies, introducing more favorable royalty structures linked to global copper prices.
  • Removal of Double Taxation:The reintroduction of mineral royalty deductibility for corporate income tax calculations has significantly improved the fiscal landscape for mining companies.
  • Increased Stability in Licensing and Ownership:The government has committed to greater transparency in mining licensing, reducing political risk and ensuring fair competition.
  • Focus on Battery Metals:Recognizing global demand for electric vehicle (EV) minerals, Zambia has introduced incentives for lithium, nickel, and cobalt mining projects.
  • Public-Private Partnerships:The government is actively promoting partnerships between state-owned enterprises and international investors to develop large-scale mining infrastructure projects.
  • Digitization of Mining Cadastre:The ongoing digitization of Zambia’s mining cadastre system aims to eliminate corruption, increase efficiency, and provide clearer ownership rights.

Zambia has historically been focused on copper and cobalt, but recent exploration has revealed significant nickel, gold, lithium, and manganese potential. The North-Western Province, home to world-class copper deposits, is proving to have additional high-grade gold mineralization, particularly in areas near Kansanshi and Lumwana.
Lithium exploration is emerging as a new focus, particularly in the southern and central regions, where pegmatite-hosted lithium has been identified. Several companies are actively exploring for battery metals, recognizing Zambia’s strategic location for supplying EV supply chains. The Kalongwe and Mwinilunga regions are also attracting attention for their untapped nickel sulfide potential, which could become a key component of Zambia’s mineral diversification strategy.
With new geophysical surveys and improved legislative frameworks encouraging junior exploration, Zambia’s mineral frontier is expanding well beyond its traditional focus on copper, positioning it as a future leader in critical metals exploration.

Mauritania

Mauritania remains underexplored despite its proven mineral wealth, particularly in iron ore, gold, copper, and uranium. The country has vast, untapped mineral potential in its interior regions, with promising greenstone belts and sedimentary basins containing base and precious metals.
The Société Nationale Industrielle et Minière (SNIM) operates the massive Guelb el Rhein and Kedia d’Idjil iron ore mines, producing approximately 13 million tonnes of iron ore per year, making it one of Africa’s top iron ore exporters. In the gold sector, Kinross Gold operates the Tasiast Gold Mine, which produced approximately 620,000 ounces of gold in 2023, following a major expansion project. Meanwhile, First Quantum Minerals operates the Guelb Moghrein copper-gold mine, contributing significantly to national exports.

Mauritania’s mining sector is a key driver of economic growth, with iron ore, gold, and copper as its primary commodities. The government has undertaken substantial legal reforms to enhance foreign investment while ensuring local benefit-sharing.
Key legislative improvements include:

  • Updated Mining Code (2014, with 2021 Amendments):The Mauritanian government amended its mining code to increase transparency, introduce more competitive fiscal terms, and clarify the legal framework for investors.
  • Reduced Tax Burdens and Fiscal Incentives:New fiscal incentives include tax exemptions on exploration expenditures, improved capital repatriation rights, and more flexible royalty structures to encourage long-term investment.
  • Strengthened Investor Protections:Foreign mining companies now enjoy more security under international investment treaties, ensuring legal stability and reducing operational risks.
  • Encouraging Junior Explorers:The government has made exploration more accessible to junior miners by simplifying license acquisition and reducing upfront financial commitments.
  • State Participation Adjustments:While the state retains the right to a minority stake in major mining projects, reforms have introduced more flexible negotiation terms to attract foreign capital.

Mauritania is one of Africa’s most underexplored mining jurisdictions, with extensive greenstone belts and Proterozoic terranes that remain largely untested. While the country is already a major iron ore producer, there is increasing evidence that its gold and copper potential is far greater than currently known. The Tiris and Inchiri regions have seen a surge in junior exploration companies targeting orogenic gold deposits, following discoveries that suggest significant untapped reserves.
Mauritania’s northern regions host extensions of the West African Craton, which is highly prospective for gold, similar to deposits found in Mali and Burkina Faso. Additionally, the country’s coastal sedimentary basins are being reassessed for their potential to host uranium and rare earth elements, with early-stage exploration confirming promising anomalies.

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