Oman’s Gulf Mining Group is planning to develop potash mines in the sultanate with an investment of $300m-500m, according to a local media report.

Gulf Mining Group’s CEO Mohammed al-Shabibi told the Oman Daily Observer that the company has signed an agreement with international investors to development potash mines in central Oman but did not reveal their identities.

“Omani wealth funds have also indicated interest in participating, while local banks are planning a syndication to support the financing,” Al-Shabibi was quoted as saying.

Potash is a potassium-containing mineral that is a primary raw material in the global fertiliser industry.

Gulf Mining Group has several mining operations in the sultanate extracting products including chromite, iron ore, limestone, manganese gypsum and marble.

The potash mine, if developed, would be the largest mining operation in the sultanate, according to the report.