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Mauritania to sell iron to China
2007-08-21
Mauritania's state-run mining firm signed a seven-year pact Monday to sell 1.5 tonnes of iron ore annually to China, which has been rapidly extending its financial footprint in Africa. The deal was signed by Wang Qingtang, vice-president of China Minmetals Corporation, and Mohamed Ali Ould Sidi Mohamed from the National Industrial and Mining Company (SNIM). "The sale to the Chinese market represents about 21 percent of SNIM's actual production and 18 percent of its targeted output for 2010," Ould Sidi Mohamed said. The pact is renewable. Mauritania's mining sector represents 12 percent of gross domestic product, according to the mining ministry. China has been sourcing many of the commodities -- including oil -- that it needs to power its economic expansion from Africa. Beijing hosted a summit with African leaders in November 2006 when it pledged to double its aid to the continent and to offer five billion dollars (3.7 billion euros) in loans and credits by 2009. China is also building railways and other basic infrastructure in Africa, and hopes to open up a big market for cheap products.
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