By Festus Poquie
Global Steel major ArcelorMittal is implementing capital investment projects on mines in Liberia to kick start phase two of its expansion in the West African nation despite delay beclouding the approval of its amended mineral development agreement with the authorities.
Rejecting the company’s iron ore deal with be catastrophic for Liberia’s economy, Labor Minister Charles Gibson said in a statement released by ArcelorMittal. Gibson wants speedy resolution of outstanding issues halting the ratification of the Agreement.
“ArcelorMittal is the highest taxpayer and largest investor in Liberia, so detaching AML from Liberia will lead to a catastrophe. With an additional USD one billion being invested to set up the concentrator, AML is here for the long-term and is making a long-term investment”.
The deal has the potential to spur employment and increase revenue, he said.
“We are building a concentrator that will lead us to add value to iron ore before exportation beginning in 2025, and we will be exporting 15 million tons per annum,” Jozephus Coenen, the chief executive officer of ArcelorMittal Liberia said.