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STX Heavy Industries Co. Ltd., a unit of South Korea's STX Group, has finalised a US$2 billion deal to construct and operate a large-scale industrial complex in Saudi Arabia.
In a deal signed over the weekend, the complex will include an iron ore production and power generation plants, according to Reuters.
Under the deal STX will be responsible for the planning, engineering, procurement, construction, operation and management of the plants to be built in the Wadi Sawawin district of Tabuk, STX said in a statement.
The Saudi project also involves pelletising and desalination plants required to complete the proposed industrial complex, according to STX. STX said it will produce 5 million tonnes of iron ore annually from the mine owned by National Mining Co., a venture firm that Saudi Arabia's Al-Sharif Group and UK-based mine developer London Mining Plc established.
The iron ore mine is estimated to have more than 125mn tonnes of commercial reserves.