Mauritania to supply MENA with iron ore by 2010admin
Sphere Investments, an Australian-listed company 18.4 percent owned by Saudi steel firm Hadeed and Qatar Steel, said that it will export seven million tons a year of Mauritania’s high grade direct reduction iron ore pellets from 2010 to the Middle East and North Africa (MENA) region, Gulf News reported.
To establish a long-term presence and tap vast liquidity in the region, Sphere has listed on the Dubai International Financial Exchange. It is the fourth mining company to list shares on the bourse. Sphere is an equal partner with Mauritania’s iron ore producer Societe Nation-ale Industrielle et Miniere in the iron ore pellet project.
Both companies signed a pact with Saudi Basic Industries Corporation (Sabic), Hadeed’s parent, and Qatar Steel Company in March this year to develop the Guelb Al Aouj project as part of a new iron and steel consortium.
Sabic and Qatar Steel will acquire 34.9 percent and 15 percent stakes respectively in the company being set up for the $1.5 billion iron ore mining project.The planned investments are subject to findings of a project feasibility study due in October.