Sonarem, Algeria’s national company for mining research and exploitation, and Malaysia-based Lion Group have signed a memorandum of understanding to collaborate in the mining exploration, processing and steel production, according to a statement by the Algerian Ministry of Energy, Mines and Renewable Energies. The agreement is based on promoting joint investments, exchanging expertise and improving the local workforce in Algeria.
The project, which is expected to generate about 10,000 jobs, also includes the construction of an export port in Boumerdès, Algeria.
Lion Group plans to invest $8 billion in Algeria’s metallurgy, steel, and aluminum sectors.