Strong Chinese demand for iron ore helped Mauritania's state-owned iron ore producer SNIM to post record sales last year, Oil and Mines Minister Mohamed El Moctar Ould Mohamed El Hacen said.
The Societe Nationale Industrielle et Miniere (SNIM), which is 78 percent owned by the state, reported sales of $557 million last year on production of 11.8 million tonnes. Net profit reached $180 million.
El Hacen said that strong Chinese demand for steel had pushed up iron ore prices around the globe, boosting the company's revenues. "SNIM is benefiting from very favourable conditions, including sales which reached record levels in 2007," the minister told Reuters in an interview on Tuesday.