Economy, Business And Markets

Omani Firm Buys Majority Stake in Iran Antimony Mine

Omani Firm Buys Majority Stake in Iran Antimony MineOmani Firm Buys Majority Stake in Iran Antimony Mine

Ubar Mining International LLC, a newly established Omani company, has acquired a 70% stake in an Iranian antimony mine.

The Omani newspaper Muscat Daily also reported on its website that Ahmed al-Rawahi, executive chairman of Ubar, and Reza Nakhaei, managing director of Mashhad-based Part Gowal Gity Company, 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.

The Sirzar Mine is located about 125 km southwest of the Iranian city of Mashhad. It is owned by Part Gowal that specializes in mining and trading of metal and non-metal minerals.

The company 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.

Rawahi said the acquisition of the stake in Sirzar Mine is aligned with 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.

China used to supply more than 90% of the world’s antimony. The global demand for antimony oxide is expected to increase with population growth, increased automotive production and housing growth, the Ubar statement said.

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

According to the daily’s report, Ubar is a mining and mining technology company focused 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.

  Huge Reserves in Sistan-Baluchestan

Sefidabeh Antimony Complex, Iran’s first antimony production plant in the country’s southeastern Sistan-Baluchestan Province, started production back in March, with a production capacity of 300 kg of 96.99% pure antimony ingots per day.

The production line is fed by Sefidabeh Mine located 150 km north of the city of Zabol, with proven reserves of 5,465 tons of 37% pure antimony ore.

According to the governor general of the province, Ali Osat Hashemi, Sistan-Baluchestan possesses nearly 10% of the world’s antimony reserves.