India's largest iron ore exporter Sesa Goa has announced that it has signed an agreement with Elenilto Minerals & Mining LLC to acquire a 51 percent stake in Elenilto's wholly-owned subsidiary Western Cluster Ltd, Liberia (WCL) for a cash consideration of US$90 million.
Located in the western part of Liberia with an estimated reserve of over 1.05 billion mt of iron ore, WCL will develop the Western Cluster Iron ore project in Liberia which includes development of iron ore deposits, necessary transportation and shipping infrastructure for export of iron ore. WLC's assets are also in close proximity to existing port infrastructure.
With this acquisition, Sesa Goa will become a significant player in the upcoming West African Iron Ore hub, catering to the seaborne iron ore trade.