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The Canadian Press - ONLINE EDITION
Canadian, Saudi partners take step towards extracting metals from Red Sea mud
VANCOUVER - Saudi Arabia has granted an exclusive 30-year licence for the extraction of zinc, copper and silver from an area of the Red Sea known as Atlantis II Deeps.
The licence is going to the Saudi minority of Diamond Fields International Ltd. (TSX:DFI), a Canadian-listed company that specializes in marine projects.
Diamond Fields describes the Atlantis II Deeps as a 60-square-kilometre area of the Red Sea that contains metal-enriched mud, the consistency of toothpaste.
The company says the Saudi government spent more than US$70 million in the 1970s on research into the deposits, which are thought to contain nearly two million tonnes of zinc and smaller amounts of copper and silver.
The licence was
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