Sphere Investment Limited (Sphere), a West African-focused iron ore company, together with its Mauritarian joint venture partner Societe Nationale Industrielle et Miniere (SNIM) have announced that two international investment banks have been shortlisted to conduct a tender in order to choose a new strategic partner for the Guelb el Aouj Iron Ore Direct Reduction (DR) pellet project in Mauritania.
Following the evaluation of both candidacies, the company is expected to sign a mandate with successful bank this month.
The tender is to be held among mining houses and steelmakers to determine a new partner in the project development following the Gulf region-based longs producer Qatar Steel decision to withdraw from the project.