International steel company Arcelor Mittal is pressing ahead with its plans to secure greater supplies of iron ore from West Africa, which should greatly boost demand for dry bulk capacity in the region. Following on from an agreement to invest $2.2B in Senegalese iron ore last February and its well publicised iron ore deal in Liberia in December, the company has now signed a memorandum of understanding (MoU) to develop reserves of 1 bt of magnetite in Mauritania. Under the terms of the Mauritanian MoU, Arcelor Mittal will jointly develop the El Agareb deposit with Societe Nationale Industrielle et Miniere (SNIM).
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