17/08/2009
State-controlled Saudi Arabian Mining Co (Maaden) said on Monday it has signed an agreement with local firm Olayan Descon to process magnesite ore.The magnesite processing plant will cost 95 million riyals ($25.3 million) and produce 140,000 tonnes per year of magnesite over the next 20 years, Maaden said in a statement posted on the bourse's website.
It did not say how much a stake it will hold in the joint-venture, reports Reuters.
