According to a press statement issued by the Islamic Corporation for Private Sector Development (ICD), the private sector arm of the Islamic Development Bank Group (ISDB), the institution will arrange financing of up to $900 million for the Saudi Mining and Steel Company (Takamul) iron ore project in Mauritania, a joint venture between Saudi Arabia and Mauritania.
According to the ICD, the financing fund will support the development of the iron ore project Atomai, located in the Tiris Zemmour mining region. The scope of the project includes an open-pit iron ore mine, beneficiation plants, two pellet plants in Nouadhibou and supporting infrastructure such as power generation and water desalination plants. MKB noted that the integrated project structure is designed to support the processing and production of export-ready pellets. Upon completion of the project, Atomai is expected to produce approximately 10 million metric tons per year of high grade direct reduced (DR) iron ore pellets.
