ArcelorMittal Announces Approval of Phase Two of Its Liberia Operations
Mar. 5, 2013
ArcelorMittal’s board has approved plans for phase two of its mining operations in Liberia. For the second phase of the project, annual capacity of the iron ore mine will increase from four million tonnes a year to 15 million tonnes a year in 2015.
This increase in capacity, which will also mean an increase in job opportunities for Liberians, will be accomplished through investment in an iron ore concentrator, expansion of the port facilities in Buchanan as well as increased utilization of rail capacity.
“This is an important step forward for the growth of our mining operations in Liberia as well as for the development of Liberia. It is a clear sign that ArcelorMittal is committed to building a world-class mining operation in Liberia and we would like to thank our many stakeholders, including the Government of Liberia, for their continued cooperation and support,” commented Antonio Maria, CEO, ArcelorMittal Liberia.
Since being the first investor to enter post-war Liberia in 2005, ArcelorMittal has invested over $1 billion into the development of its operations. This has included the rehabilitation of the railway from Yekepa and the port facilities in Buchanan, as well as the construction of hospitals and schools in its concession areas. Phase two will result in further investment in the port, mainly through a new fixed ship loader that will have a loading capacity of 6-8,000 tonnes of iron ore per hour, and the construction of concentrator at the mine site in Yekepa which will produce iron ore pellets enabling ArcelorMittal to increase its production capacity to 15 million tonnes per year.
In addition to these new investments at both the mine site and the port, ArcelorMittal Liberia also recently announced that an agreement has been reached with the government of Liberia to build a 70 km road connecting Ganta and Yekepa. ArcelorMittal Liberia will provide the $40 million needed to build the road and construction to begin later this year with an expected completion date in early 2016.