Xstrata to invest $6b in Mauritania

14 Nov 2010

(MENAFN) Mauritanian Industry and Mines Minister Mohamed Abdellahi Ould Oudaa said that Xstrata Plc will invest $6 billion in the country to produce 50 million metric tons of the steelmaking ingredient a year, Bloomberg reported.

Xstrata, based in Zug, Switzerland, plans to achieve the production figure in the short term, Oudaa said in a conference in Nouakchott, the capital.

Xstrata, seeking to boost access to ore supplies as prices rise, is close to completing the $520 million purchase of Sphere after securing acceptances from more than half of the Australian company�s shareholders.

Sphere�s projects in Mauritania include half of the $1.65 billion Guelb el Aouj development.

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