Sabic in Mauritania iron ore venture
Riyadh, January 27, 2014
Saudi Basic Industries Corp (Sabic), a leading petrochemical group, is carrying out new iron ore exploration in northern Mauritania.
The feasibility study and exploration at Atomai Mines in Zouerate is part of a joint venture agreement with Mauritania-based National Company for Industry and Mining, said a senior official.
Speaking at the Mauritania Investment Forum, Abdulaziz Al-Humaid, executive VP, Metals Strategic Business Unit, Sabic, said the excavation work as part of the agreements began last September and is expected to continue for three years.
Under the agreements, a new company, Mauritania Saudi Mining and Steel Company (Takamul) has been established. The company will also work towards obtaining the required mining licenses.
The project is aimed at producing raw material for the company’s plants in the kingdom and export any surplus to targeted markets.
The initial estimates indicate that the Atomai Mines have a reserve of 500 million tonnes of iron ore. The technical study could possibly reveal even higher reserves of up to a billion tonnes.
The project is the first investment by Sabic in any Arab and African country. - TradeArabia News Service