Xstrata to Invest $6bn in Mauritania Project

17 November 2010 (Last Updated November 17th, 2010 18:30)

Swiss mining group Xstrata is planning to invest about $6bn in the production of iron in Mauritania. The company, which is in the process of buying three iron ore projects in Mauritania through Sphere Minerals, aims to produce 50 million tons of iron a year. Xstrata is in the proc

Swiss mining group Xstrata is planning to invest about $6bn in the production of iron in Mauritania.

The company, which is in the process of buying three iron ore projects in Mauritania through Sphere Minerals, aims to produce 50 million tons of iron a year.

Xstrata is in the process of completing the $520m Sphere purchase agreement.

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

The largest project, based in Guelb El Aouj in northern Mauritania, is expected to produce seven million tons of iron a year.