Malaysian conglomerate Lion Group has signed a memorandum of understanding (MoU) with Algeria’s state-owned National Company for Mining Research and Exploitation (Sonarem) to boost cooperation in mining exploration, resource extraction, and the steel industry, according to Algeria’s Ministry of Energy, Mines and Renewable Energies.
The agreement aims to facilitate joint efforts in developing future mining sites and processing extracted resources. It also outlines collaboration on exploration and exploitation of key minerals such as iron ore, gold, copper, and manganese, along with joint investments, technical expertise exchange, and workforce training.
A core focus of the partnership is advancing Algeria’s steel and metallurgy sector, with Lion Group planning to invest USD 8 bln in the country’s mining, steel, and aluminum industries. The MoU also includes plans to identify and develop new mining sites, as well as enhance value-added processing of mineral resources within Algeria.