West Perth-based mining company Sphere Investments Ltd is looking for a new partner for its Mauritanian iron ore project, after Qatar Steel walked away from acquiring a 15 per cent interest worth $130 million.
West Perth-based mining company Sphere Investments Ltd is looking for a new partner for its Mauritanian iron ore project, after Qatar Steel walked away from acquiring a 15 per cent interest worth $130 million.
Sphere said Qatar was unable to execute formal agreements to acquire the interest in the Guelb el Aouj iron ore project on terms acceptable to it and its project partner, Société Nationale Industrielle et Minière.
The agreements provided for the acquisition of a 15% interest for $US113 million.
Sphere said despite the setback, it had already been approached by several industry participants wishing to invest in the project.
"As a result, a formal process has commenced to introduce a new partner capable of assisting with the development of this world-class iron ore project," Sphere said.
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