08
Mar
07:10
Magnum acquires 50% in Saudi pig iron JV
Australian-listed Magnum Mining and Exploration has agreed to acquire 50% of Saudi Middle East for Metallic Industrial (Midmetal) through the issue of 50% of Midmetal's fully paid ordinary shares. Midmetal will build and operate a green pig iron production facility in Saudi Arabia, notes Kallanish.
As per the comprehensive feasibility study, the project is estimated to require a substantial capital investment of $410 million (see Kallanish passim). Under the a…
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