May 17, 2008

Oriental iron to invest USD 7 billion in Congo project

Bloomberg reported that Oriental Iron Co a company led by Israeli diamond entrepreneur Mr Dan Gertler will invest USD 7 billion in an iron ore project in the Democratic Republic of Congo.

The report citing Mr Martin Kabwelulu Mines Minister as saying that the mine will be built in the country's northeastern Orientale province at a site where there are seven deposits containing 700 million tonnes of iron ore.