Arcelor Mittal and Liberia conclude mining review

Arcelor Mittal, the world's largest steelmaker, has announced that the company and the Government of Liberia have successfully concluded the review of the Mining Development Agreement signed in 2005. As previously reported by SteelOrbis, the government of Liberia approved the Mining Development Agreement with the company in September 2005. In line with the deal, Arcelor Mittal is to invest over $1 billion in Liberia by the time full mining production is realized, and in return the company will have access to iron ore reserves in the western part of the country. Moreover, the deal is expected to generate about 3,500 direct jobs and about 15,000 to 20,000 indirect jobs in Liberia. Speaking at the conclusion of the agreement review, Liberian president Ellen Johnson Sirleaf noted, “With this agreement, which is consistent with the principles that attract and sustain foreign investment in Liberia, it is clear to the international private sector that Liberia is open for business”. In his turn, Mr. Lakshmi Mittal, president and CEO of Arcelor Mittal, noted, “I am happy that the Government of Liberia and Arcelor Mittal have reviewed the Mineral Development Agreement jointly in good faith and have agreed to changes which allow the project to move forward. This will enable the economy of Liberia and the people of Liberia to benefit significantly. We will now focus on getting the job of reviving the mine accelerated”.