Search Site

Roche to buy Poseida Therapeutics

The $1.5 billion deal is due to close in early 2025.

BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Oman to start gabbro mining in October

Minerals Development Oman will start the operations of a gabbro quarry in October this year.
  • Gabbro is a coarse-grained igneous rock that is used, among other things, to make kitchen countertops
  • Sometimes, gabbro deposits may also contain chromium, nickel, cobalt, gold, silver, platinum, and copper sulfides

The commercial operations of the gabbro quarry in Wilayat of Liwa in the governorate of North Al Batinah is expected to commence by October, said local reports on Tuesday, September 28.

This will be a new milestone towards the investment journey of Minerals Development Oman or MDO, the local reports have said.

The quarry will start with a production capacity of 2.4 million tons of gabbro, the reports said.

Gabbro is a coarse-grained igneous rock that is used, among other things, to make kitchen countertops.

Sometimes, gabbro deposits may also contain valuable amounts of chromium, nickel, cobalt, gold, silver, platinum, and copper sulfides.

Since obtaining the exploration license, MDO has reportedly conducted a geological and economic feasibility study of the quarry.

It is said to have revealed a recoverable amount of about 211 million tons of gabbro in a mine life of about 50 years, covering an area of 2.2 square kilometers.

Based on the feasibility study, the Ahjaar Mining Company was established in 2019 to operate the project in partnership with the Assarain Group and the Al Fajar Al Alamia Company.

Purchase agreements were also signed for 2.4 million tons of gabbro. MDO reportedly has plans to increase the production to reach 5 million tons in the next phase.

This was the first mining license that MDO obtained in January 2019.

Gabbro is witnessing an increased demand by a number of Gulf and regional markets, due to its importance to the construction sector.