Saudi venture selects Korean firm to build industrial complex

National Mining Co. (NMC), a venture firm set up by Saudi Arabia's Al Sharif Group and UK-based mine developer London Mining, has selected South Korea's STX Heavy Industries to build and operate a large-scale industrial complex in the kingdom.

Under the deal, STX is to handle the planning, engineering, procurement, construction, operation and management of the plants, to be built in the Wadi Sawaw in Tabuk. The complex will produce 5 million tonnes of iron ore annually from the Wadi Sawawin mine owned by NMC.