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