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ArcelorMittal signs Mauritanian iron ore deal  

BRUSSELS, Jan 8 (Reuters) - ArcelorMittal (ISPA.AS: Quote, Profile, Research), the world's largest steelmaker, said on Tuesday it had signed a deal with Mauritania's Societe Nationale Industrielle et Miniere (SNIM) to develop an iron ore mining project.

"Under the terms of the Memorandum of Understanding, SNIM and ArcelorMittal will jointly develop a large iron ore mining project, using the El Agareb Iron ore resource in Mauritania," a statement from the company said.

"Mauritania's strategic location in West Africa makes it an ideal choice for iron ore supplies to ArcelorMittal's European steel mills," ArcelorMittal's Chief Financial Officer, Aditya Mittal, said in the statement. No financial details were disclosed.

ArcelorMittal is seeking to raise its iron ore production to 75 percent of its consumption in the coming years. (Reporting by Julien Ponthus; Editing by Paul Bolding)

 
Source: reuters.com  

 
   

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