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FINANCIAL NEWS
Citadel to boost stake in Saudi mining deposit
24 Jun 2010
(MENAFN) The Chief Executive Officer at Australia?s Citadel Resources Ltd. said that the company is interested in the future in boosting its stake in the Jabal Sayid deposit beyond 70 percent, Reuters reported.
Citadel this month agreed with joint venture partner Central Mining Investments Ltd. to raise its stake in the Saudi project to 70 percent from 50 percent. Most new institutional investors are London and Hong Kong- based, the CEO said.
Several companies are keen to invest in an Australian company with its main assets outside the nation after the government?s proposal last month for a 40 percent mine profits tax, she said.
Jabal Sayid, Saudi Arabia?s first base metals project and the first to get a mining license under new mining laws, is targeting annual output of 57,000 metric tons of copper in concentrate.
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