Recently, a consortium of three Chinese-funded enterprises has signed a memorandum of understanding with Algeria's state-owned mining company on the joint development of Algeria's Gala-Jebilet iron ore on March 30, 2021.

The Chinese consortium consists of China Water Resources and Electric Power External Co., Ltd., Hunan Shengshi Sunshine Technology Co., Ltd. and China Metallurgical Group. It will cooperate with the Algerian state-owned mining company to develop the Gala-Jabilet iron ore. Algeria’s National Radio quoted Minister of Energy and Mining Mohammed Al Qab as saying that the project is located in the province of Tindouf in southern Algeria, and preliminary estimates that the project cost may exceed 2 billion U.S. dollars.

Algeria is one of the member states of OPEC. In order to get rid of the national economy's excessive dependence on the oil and gas industry, the country has been actively attracting foreign investment. Editor/Tian Zengpeng