Qatar buys into Mauritanian iron ore project

Industries Qatar said on Sunday it had bought a minority stake in a Mauritanian iron ore project for $375 million.

The state-controlled company said its unit, Qatar Steel, would own 49.9% of the Al-Qalb Al-Og project in northern Mauritania. Industries Qatar's statement on the Doha stock exchange website gave no further details.

Saudi Basic Industries (Sabic), the largest Gulf Arab steel producer, said on Saturday it had decided against taking part in the Mauritanian iron ore project planned with Industries Qatar because returns would be too low.

Sabic had agreed to invest $262 million for a 35% stake in the project, which would entitle the company to 35% of production. Sabic did not say what would happen with its stake.

Sabic, the world's largest chemical company by market value, said in July it would join partners including Australia's Sphere Investments and Mauritanian iron ore producer Societe Nationale Industrielle et Miniere in the project. (Reuters)

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