interestingly it seems QSC feels the economics are there ! I...

interestingly it seems QSC feels the economics are there ! I dont know who to believe
This was released 2/11 by SPH on ASX
"Sphere Investments Limited (Sphere) is pleased to announce that Qatar Steel Company (QSC) has
confirmed its purchase of 15%, and that it has also received Board approval to acquire an additional
34.9% interest, in the Guelb el Aouj Iron Ore Project (the “Project”) in Mauritania for a total
consideration of US$375 million for 49.9% of the Project.
The Project is owned equally by Sphere and the Mauritanian State-owned iron ore company, Société
Nationale Industrielle et Minière (SNIM). Earlier this year, Sphere and SNIM had conditionally agreed
to sell 49.9% of the Project to Qatar Steel (15.0%) and the Saudi Arabian company, SABIC (34.9%)
for US$375 million, subject to their Board approvals by 31 October 2007.
SABIC confirmed conditional acceptance of its share of the US$375 million offer within the agreed
timeframe, but required additional guarantees for its investment to proceed. Notwithstanding the
outcome of the above, SABIC has advised that it wishes to continue its support of the Project and the
Partners with long-term offtake agreements."