The Gulf Region-based longs producer Qatar Steel has revealed its decision not to seek a stake in the $2.2 billion Guelb Al Aouj iron ore development project in Mauritania in West Africa due to differences over the terms of the investment for the project.
Sphere Investment Limited (Sphere), a West African-focused iron ore company, which has a 50-50 partnership with Mauritania's state-owned mining company Societe Nationale Industrielle et Miniere (SNIM) in the project in question, stated that several other companies have expressed interest in the project since Qatar Steel's withdrawal.