Hubei Province-based Chinese steel producer Wuhan Iron and Steel Co., Ltd (WISCO) has announced that the asset handover process has commenced within the scope of its acquisition of an iron ore mine in Liberia, West Africa.
The mine in question, located 80 kilometers northeast of Monrovia, the capital of Liberia, has easy access to port via railways. The total reserves of the mine amount to 1.3 billion mt, with an average iron content of 35-36 percent. In addition, the prospective reserves of the mine are 2.7 billion mt.
At the beginning of 2010, China-Africa Development Fund took over a controlling stakes of 85 percent of the mine. In March 2010, the China-Africa Development Fund signed an agreement to sell a 60 percent stake in the mine to WISCO for $68.46 million.