ArcelorMittal signs draft deal to take 30 pct of Mauritania iron ore project |
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Published
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Tue, 08 Jan 2008 08:20
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LONDON (Thomson Financial) - ArcelorMittal said it has signed memorandum of understanding to jointly develop iron ore mining in Mauritania, and will initially take a 30 pct stake in the project alongside state-owned Societe Nationale Industrielle et Miniere (SNIM).The partners are to develop the El Agareb iron ore resource in Mauritania, which is estimated to contain more than 1 bln tonnes rich grade of magnetite.In the first phase of project development, ArcelorMittal said it will conduct exploratory works and a feasibility study. Subsequent project execution will be done by a joint venture company to be created by SNIM and ArcelorMittal.ArcelorMittal said it has an option to raise its 30 pct share to 70 pct once project execution starts.Subject to the feasibility study, the steel group said it intends to develop 25 mln tonnes per year from the project.tf.TFN-Europe_newsdesk@thomson.comjms/gt/lhtCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Saudi Arabia's SABIC withdraws from Mauritanian iron ore project 