Aug 23 2005
Mittal Steel Company N.V., has announced that it has entered into a Mining Development Agreement with the Government of Liberia. The agreement, subject to its ratification through the Liberian Senate, gives Mittal Steel access to about 1 billion metric tonnes of rich iron ore reserves in Western Liberia.
Mittal Steel envisages approximate total spend of US$900 million during the lifetime of the project. This cost will cover development of the mines, related railway and port infrastructure and provides means for community development.
Commenting, Mittal Steel President and CFO, Mr. Aditya Mittal said, "Today's announcement further demonstrates our intention to become a truly integrated steel producer. We are already one of the world's most integrated steel producers and this will help to further reduce our dependency on third party iron ore supplies."
Commenting on behalf of the Liberian Government, Minister Jonathan Mason said: "We have been looking forward to this moment for a long time. Liberia has a long tradition in iron ore mining and used to export more than 15 million metric tonnes of ore annually. Unfortunately, due to the war, the mines were abandoned and most of the infrastructure destroyed. With Mittal Steel, we are confident that we have found a committed and financially strong partner with the necessary technical and social competence to rehabilitate this industry and to provide essential employment in Liberia."
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