Citadel appoints financial advisers for Saudi copper mine

25 August 2009

Riyadh Bank and WestLB to help develop project at Jabal Sayid

Citadel also wants the two banks to lend money to the project.

The resources company plans to invest about $300m developing the Jabal Sayid copper mine (MEED 14:3:08).

It owns 50 per cent of the mine project and the local Construction Material Chemical Industries owns 50 per cent.

Citadel estimates the mine holds 1 million tonnes of copper and 440,000 tonnes of zinc. It should start production in 2011.

The company is also working on a gold mining project in Shayban, also in Saudi Arabia.

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