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October 08, 2008


SABIC to acquire 35% stake in iron ore project in Mauritania

It is reported that Saudi Basic Industries Corp has agreed to take a 35% stake in a SAR 5.6 billion (USD 1.49 billion) iron ore project in Mauritania. Saudi Basic Industries Corp in a statement that its share of the project to produce iron ore pellets is costing USD 262 million.

Saudi Basic Industries Corp partners in the project include Australia's Sphere Investments, Mauritanian iron ore producer Societe Nationale Industrielle et Miniere and a unit of Industries Qatar.