Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - SABIC in Iron Ore Exploration Deal with Mauritanian Firm  Join our daily free Newsletter

MENAFN - Qatar News Agency - 28/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Qatar News Agency) Saudi Basic Industries Corporation (SABIC) is conducting a feasibility study and is carrying out iron ore exploration at the Atomai Mines in Zouerate, northern Mauritania, under joint venture agreements with the Mauritanian company, National Company for Industry and Mining.



Announcing this move at the Mauritania Investment Forum in Nouakchott, Mauritania, Abdulaziz Al-Humaid, SABIC's executive vice president, metals strategic business unit, said excavation work as part of the agreements began in September and is expected to continue for three years, Arab News reporte



Under the agreements a new company, Mauritania Saudi Mining and Steel Company (TAKAMUL) has been establishe



Besides carrying out the exploration work and conducting the feasibility study, TAKAMUL will also work towards obtaining the required mining license



SABIC has made this move to strengthen its position as the largest steel manufacturer in the Middle East and to secure cost-effective and quality raw materials. SABIC will make a decision on whether to continue investing in the project after the outcome of the exploration and feasibility stud



The ultimate aim of the project is to produce raw material for the company's plants in the Kingdom and export any surplus to targeted market



Initial estimates indicate that the Atomai Mines have a reserve of 500 million tons of iron or



The technical study could possibly reveal even higher reserves of up to a billion ton



Atomai Mines are known for their high content of high quality iron, among the best in the world, with a low cost of extractio



SABIC's decision on investing in the Atomai Mines project is the result of a technical and economic study conducted by a specialized SABIC team, which had also studied various other investment opportunities

 


Qatar News Agency




  MENA News Headlines
 Jul 3 2015 - Kuwait- KSE benchmark, weighted index fall in end of sessionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Benchmark and weighted index of Kuwait Stock Exchange dropped in end of Thursday's session.Price index read 6,181, losing 5.66, weighted index edged down by 0.2, ...

 Jul 3 2015 - Bahrain condemns attacks in SinaiKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Bahrain strongly condemned Thursday recent attacks in the northern part of Egypt's Sinai Peninsula, which killed scores of soldiers and policemen.It added in a ...

 Jul 3 2015 - EU extends police mission for PalestineKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The EU Thursday announced the prolongation of the EU police mission for the Palestinian Territories (EUPOL COPPS) until 30 June 2016.The mission is part of wider ...

 Jul 3 2015 - Tunisia arrests eight suspects over Sousse attackKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Eight suspects, including a woman, have been arrested in connection with Friday's deadly attack in the Tunisian resort of Sousse, said an official here ...

 Jul 3 2015 - Kuwait- His Highness Amir receives cable from Polish pres. on mosque blast victimsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received Thursday a cable of condolences from Poland's President Bronislaw Komorowsk on the victims ...

 Jul 3 2015 - Kuwait- His Highness Amir receives cable from Bulgarian pres.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received Thursday a cable of condolences from Bulgarian President Rosen Plevneliev on the victims of ...

 Jul 3 2015 - Kuwait- His Highness Amir receives condolence cable from Lithuanian pres.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received Thursday a cable of condolences from Lithuanian President Dalia Grybauskaite on the victims ...

 Jul 3 2015 - Kuwait- His Highness Amir receives cable from Greek pres.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received Thursday a cable of condolences from Greece's President Prokopis Pavlopoulos on the victims ...

 Jul 3 2015 - Arab League condemns attacks on army, police in SinaiKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Council of the Arab League has condemned attacks on Egyptian army and police forces in North Sinai on Wednesday, which left 30 troops killed or injured.The ...

 Jul 3 2015 - Kuwait - Parliament Speaker receives condolence cables on mosque blast victimsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Speaker of the National Assembly Marzouq Al-Ghanim received on Thursday condolence cables from Nicaraguan Parliament Speaker Rene Nunez, Secretary-General of ...

more...


 






Google

Taqs

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help