Brussels, 02/12/2004 (Agence Europe) - On 29 November, the European Investment Bank (EIB) and SNIM (Société National Industrielle et Minière), the only iron ore producer in Mauritania and the leading supplier to the major European steel-making groups, signed a EUR 22.5 million financing agreement for the renovation of the Guelbs power station. The EIB, SNIM, and the Sphere Investment Limited, also signed an agreement in principle relating to an equity participation by the EIB whereby it acquires a direct EUR 5 million equity participation in the Mauritanian company El Aouj S.A., a subsidiary of the Australian company Sphere Investments Limited. This equity participation should allow for a feasibility study on the exploitation of the Guelb El Aouj iron ore deposit and pelletisation of the ore.