Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
A Chinese consortium on Tuesday signed a memorandum of understanding with an Algerian state company to exploit an iron deposit in the North African country, Algerian state media reported.
The project will be carried out at Gara Djebilet iron mine, in the southern province of Tindouf, state radio said, citing Energy Minister Mohamed Arkab.
“The project cost could exceed $2 billion according to preliminary estimates. It is still an approximative figure,” he added.
The consortium, which includes China International Water & Electric Corp, Heyday Solar and the iron and steel manufacturer Metallurgical Corp Of China, will carry out the project in partnership with Algerian National Company of Iron and Steel (Feraal).
OPEC member Algeria has been struggling to attract foreign investment in a bid to diversify its economy away from oil and gas.
(By Hamid Ould Ahmed; Editing by Aurora Ellis)
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