RIYADH: STX Heavy Industries Co. Ltd., an unlisted unit of South Korea's STX Group, said on Sunday it has finalized a $2 billion deal to construct and operate a large-scale industrial complex in the Kingdom.
The complex comprises iron ore production and power generation plants, it was quoted by Reuters as saying. Under the deal signed on Saturday in the capital, the Korean party will be responsible for the planning, engineering, procurement, construction, operation and management of the plants to be built in the Wadi Sawawin district of Tabuk, STX said in a statement.
The Saudi project also involves pelletizing and desalination plants required to complete the proposed industrial complex, according to STX. STX said it will produce 5 million tons of iron ore annually from the Wadi Sawawin mine owned by National Mining Co., a venture firm that Saudi Arabia's Al-Sharif Group and UK-based mine developer London Mining Plc established.
The iron ore mine is estimated to have more than 125 million tons of commercial reserves, STX added.
© Arab News 2011
