The Saudi General Investment Authority (SAGIA) recently granted a permit to the British Zinc Resources Company to produce 100,000 tons of unadulterated zinc in Saudi Arabia. Investment in the project is expected to stand at 958 million Saudi riyals ($255 million).
According to Al-Sharq Al-Awsat daily, the company also plans to establish a new sulfuric acid factory and a water treatment plant. Prior to this recent deal, zinc production in the Saudi Kingdom was solely controlled by Saudi firms.
According to Zinc Resources, state-of-the-art technology will be used in all its new Saudi projects; the company will also take measures to protect the region’s environment.
Last year was the first time that SAGIA granted licenses to foreign and joint venture firms. Since then, 91 licenses have been issued for a total capital investment of about 30 million Saudi riyals ($8 million). Of this amount, foreign financing amounted to SR 28 million, approximately 93 percent of the total capital granted. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
