ALGIERS- A memorandum of understanding was signed Tuesday, in Algiers, between the national company of iron and steel “FERAAL” and the Chinese consortium for the exploitation of Gara Djebilet deposit in the province of Tindouf.
As such, the Minister of Energy and Mines announced the signing, on Tuesday, of a memorandum of understanding between the National Iron and Steel Company (FERAAL) and a consortium of three Chinese companies specializing in the steel industry, namely; China International Water & Electric Corp, Heyday Solar and the iron and steel manufacturer Metallurgical Corp Of China.
This partnership will allow “the creation of a mixed company for the management of the project of exploitation of the iron ore from Gara Djebilet, 51% for Manajim El Djazai and 49% for the Chinese partner ”, specified, on Channel 3 of Algerian Radio, Mohamed Arkab, Algerian Minister of Energy and Mines.
“The project cost could exceed $2 billion according to preliminary estimates. It is still an approximative figure,” he added.