Saudi Basic Industries Corporation (SABIC) has decided not to proceed with the previously announced iron ore joint venture with the Mauritanian State-owned iron ore company, Société Nationale Industrielle et Minière (SNIM), Sphere Investments Limited (SPHERE) and Qatar Steel Company (QSC).
SABIC had signed an initial agreement on July 30, 2007 to study the economic feasibility of the iron ore mines project in the Democratic Republic of Mauritania. "SABIC now believes that it cannot achieve the return on investment as per its expectations on this project. SABIC will continue to look for other opportunities that further enhance the company’s competitiveness," a company statement said.
