Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (WISCO) officially launched its iron ore mining project in the West African country of Liberia on April 26. The project in question is a joint venture project with China-Africa Development Fund, with WISCO holding a 60 percent stake.
As SteelOrbis previously reported, on March 12 WISCO signed an agreement to pay China-Africa Development Fund Co. a total of $68.46 million for a controlling 60 percent stake in China-Union Investment Co., a company which owns an iron ore deposit located in Bong country in central Liberia.
The project is the largest investment the Liberia government has attracted since it began inviting overseas investment and is the largest economic and trade cooperation project between China and Liberia.
The deposit in question has proven reserves of 1.31 billion mt of iron ore (35.48 percent Fe) and potential reserves of 2.785 billion mt, and is connected to the ports via an 80-kilometer railway.