Oman’s Ministry of Energy and Minerals (MEM) has signed a memorandum of understanding (MoU) with the Indian Rare Earths Limited (IREL) to solidify collaboration in the field of minerals.
“Stemming from the distinguished relations between the Ministry of Energy and Minerals and IREL (India), a memorandum of understanding was signed to enhance and develop cooperation between them in the field of mining,” the Ministry of Energy and Minerals said in a statement.
Rare Earths Limited (IREL) is a government-owned corporation Mini-Ratna Category A, Schedule B Company, in India. As per the reports, the MoU seeks the sharing of laws and regulations governing the use of mineral resources, as well as information on investment opportunities, between the two countries.
According to the ministry, the parties’ memorandum of understanding promotes the exchange of experiences on innovation and implementation of new methods and technologies in mineral exploration and mining industry development.
The two sides encourage collaboration in the fields of innovation and technology application through exchanging experiences. They will explore current methods of mineral excavation and the development of mineral-based industries, particularly rare minerals, with the goal of generating added value in minerals. This is besides enhancing cooperation in technical research and geological surveys.
The MoU is the result of the MEM’s efforts to expand the mining industry in a way that responds to the ambitions associated with this crucial sector, which is a fundamental pillar in Oman’s 2040 Vision’s economic diversification. “It also comes within the context of the MEM’s keenness on attracting scholarly expertise in exploring mineral resources in Oman’s lands, particularly minerals associated with the fourth industrial revolution (4IR),” according to the reports.