Australian mining giant BHP Billiton has signed a deal with the government of Liberia to go ahead with a $3 billion iron ore project, press sources quoting an official in the West African country said on June 14.
According to reports, the mineral development agreement (MDA) will allow BHP Billiton to continue exploring for iron ore at Goe Fantro, Kintoma, St. John River South and the Tolo Range, Liberia's National Investment Commission chairman Richard Tolbert said, adding that the deal is subject to approval by parliament.
BHP has spent $50 million on exploration in Liberia since 2005, sources said, pointing out that the leases are near an existing 250 kilometer-long rail corridor that runs from Liberia's border with Guinea to the Liberian coast.