The Islamic Corporation for the Development of the Private Sector (ICD), a Saudi-based member of the Islamic Development Bank Group, plans to arrange up to USD 900 mln in Sharia-compliant financing to support the development of an iron ore project in Mauritania.
The financing facility will support the Atomai iron ore project in the Tiris Zemmour mining region, including the development of an open-pit iron ore mine, beneficiation facilities and related infrastructure.
The project also involves the construction of two iron ore pelletizing plants in Nouadhibou, along with supporting infrastructure such as power generation and water desalination facilities. Once completed, the project is expected to produce around 10 mln tons per year of high-grade direct-reduction iron ore pellets used in low-carbon steelmaking.
The financing forms part of a three-year cooperation framework signed in Jeddah between ICD and the Mauritanian government aimed at mobilizing funds for strategic industrial projects and strengthening the country’s private sector.
The Atomai project is part of a strategic partnership between Mauritania and Saudi Arabia aimed at securing high-grade iron ore supply for Saudi Arabia’s steel industry.
The project is being developed by Takamul (Mauritania Saudi Mining and Steel S.A.), a joint venture responsible for the exploration, development and future operation of the mine.
Takamul is jointly owned by Hadeed, the Saudi Iron and Steel Company, and SNIM, Mauritania’s state-owned mining company. Hadeed is the primary off-taker of the iron ore pellets, while SNIM contributes mining permits and access to its existing rail and port infrastructure.
The financing initiative forms part of a broader cooperation framework between ICD and the Mauritanian government aimed at mobilizing funding for strategic industrial projects and strengthening the country’s mining sector.
