Saudi to develop iron mine in Mauritania
Moktar Ould Dahi told the Saudi daily Asharq Al-Awsat at the weekend that the project involves creating 'Takamul,' a joint venture between Mauritania's state-owned mining firm and Saudi Arabia's Hadeed.
The company, now in the funding stage, would develop an iron ore mine in Mauritania with an annual output target of 12-14 million tonnes.
The initiative follows a June meeting in Makkah between Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Mauritanian President Mohamed Ould Cheikh El Ghazouani.
Ould Dahi said trade between the two nations is set to gain momentum, with plans to improve direct transport links to overcome logistical challenges caused by distance and the lack of a direct shipping route.
Saudi investment in Mauritania has risen in recent years, particularly in small and medium-sized enterprises in manufacturing and farming, he said, adding that a joint business council has been formed to spur private sector partnerships.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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