Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced that it has signed a Mineral Development Agreement with the government of Liberia. The agreement aims for the expansion of the company’s mining and logistics operations in the country.
With the agreement coming into effect, ArcelorMittal Liberia, a subsidiary of ArcelorMittal, will significantly ramp up production of premium iron ore to 15 million mt per year, with a possibility for further expansion up to 30 million mt. More than 2,000 jobs are expected to be created during the construction phase.
According to the company’s statement, the expansion project, which encompasses processing, rail and port facilities, will be one of the largest mining projects in West Africa. The capital required to complete the project is expected to be approximately $800 million. The project includes the construction of a new concentration plant and the substantial expansion of mining operations, with the first concentrate expected in late 2023.