MIFERMA IRON ORE MIN

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The Miferma Iron Ore Mining Project will support the exploitation of iron ore deposits in the Fort Gouraud area, as well as it transport to Port Etienne for commercialization. The project includes the construction of railroads, port facilities, housing, including power generation facilities as needed. It is expected that additional mining, and transport equipment will be supplied, so as to allow ore mining, and shipping at an annual rate of 6.0 million tons. The Societe Anonyme des Mines de Fer de Mauritanie (MIFERMA) should generate sufficient funds from its operations, to meet the capital expenditures during the early years of operation. However, mining ventures as is the case of this project, are inherently risky, thus given the company's weak commitments for its output at firm prices, shareholders have agreed to a financial guarantee as a protection alternative to the Bank's investment.