Release date: 28 September 2004
Promoter – Financial Intermediary
SPV in charge of implementing first the feasibility study and possibly at a later stage, the industrial project: “El Aouj S.A.”, Mauritanian subsidiary of “Sphere Investments Limited” (Australia).Location
Description
Financing of a bankable feasibility study (BFS) on the exploitation of the Guelb el Aouj iron ore deposit, located 35 km from SNIM’s existing mining operations.
Objectives
The BFS should enable the promoter or any other investor to decide whether it is worth proceeding with the establishment of a new iron ore mine and subsequent processing infrastructure designed to produce DR (Direct Reduction) grade pellets possibly destined to the DR markets in North Africa and the Middle East.
Comments
Mining and Quarrying.
Sector(s)
Proposed EIB finance (Approximate amount)
Maximum EUR 5m from Investment Facility Resources, to be financed under the EUR 30m IF global authorisation approved in December 2003.
Total cost (Approximate amount)
USD 11m.
Environmental aspects
An environmental impact study, including a management plan on environmental aspects and a preliminary closing plan will be part of the feasibility study. Considering the location and not very harmful techniques of the project, no major problem is foreseen.
Procurement
The various components of the study which are for the most part specialized in nature as well as the preparation of the final report will be contracted out in direct negotiations.
Status
Signed - 10/02/2005
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).