Richest Minerals Field Revealed [Archives:2000/28/Local News]

July 10 2000

Examination results of samples taken from a test field in Haja governorate last year have shown that the field is one of the richest unexploited fields in the world. The field treasures nickel, copper, cobalt, silver and platinum.
The Cantex company which has the right of mining in the area considered the exploration as great saying it was the largest in the world.
Following this an agreement was signed on July 4 between the Cantex company for development of mines and Falcon Bridge International for developing Sawar area mine which is completely owned by Cantex.
Cantex is fully owned by the Canadian Ma’aden al Jabal (Yemen Branch). According to the agreement Falcon Bridge shall earn actual profits for four years and shall pay the cost of rental of the area from Cantex at a rate of $1,355 million annually for the first two years then $2,705 million for the third year. As from the fourth year Falcon Bridge shall pay $67,700 per month. The total sum shall be exploited for development of mining work.
The agreement allows the development of the area into a mine in a short time. This development shall lead to reciprocal benefits for the two companies and Yemen in areas of job opportunities and taxes payable to the state.
The mine shall cover part of Canadian industries needs of nickel, copper and cobalt.