Citadel Resources May Boost Stake in Saudi Project, CEO Says - BusinessWeek

Citadel Resources Ltd., developer of Saudi Arabia’s biggest copper deposit, said it’s interested in the future in boosting its stake in the Jabal Sayid deposit beyond 70 percent.

”It’s a great project, so if we can do it as an accretive deal we would obviously do so,” Ines Scotland, chief executive officer of Melbourne-based Citadel, said today in an interview, adding the company had no immediate plans to boost its stake. “We’re constantly chatting with our joint venture partners about that, about the right point in time.”

Citadel plans to start production at the A$280 million ($244 million) copper-gold development by the fourth quarter next year. The company said today it sold A$251 million shares to institutional investors to help fund the project.