The Saudi Basic Industries Corporation (SABIC) and Société Nationale Industrielle et Minière (SNIM – Mauritania) entered into a Joint Venture Agreement on September 13, 2012 to undertake the exploration and development of the Atomai iron ore deposits located in the SNIM mining permit area.
The objectives of the Joint Venture are:
– The exploration, development and exploitation of the iron ore deposits located in the Atomai area in Mauritania
– The production and export of High-Grade Direct Reduction Pellets (HGDRP)
– Participation in the development of Direct Reduced iron and other Steel product making facilities and other investments in Mauritania
Following the JV Agreement recommendations, SNIM and SABIC on December 12, 2012, as shareholders, created and incorporated a privately-owned company in equal shares (50 % – 50 %), named “Mauritania Saudi Mining and Steel Company (known as “Takamul”) to undertake exploration, development and exploitation of the Atomai iron ore deposits. Thus, 23th September 2013 is the start up of the project.
On June 14, 2021, and in concordance with the provisions of the JV Agreement, SABIC Mining B.V. transferred all of its shares and equity interest in TAKAMUL to its subsidiary Saudi Iron and Steel Company (HADEED).
