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Thursday, July 25, 2024

Liberia: Western Cluster Unveils $2 Billion Investment

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Western Cluster’s parent company Vedanta Sesa Goa announces multi-billion dollar investment that would stimulate Liberia’s struggling economy.

Vandanta officials said Thursday in a meeting with Liberian President Joseph Boakai that the company intends to invest $2 billion in the West African nation over the next five years to fund expansion of its iron ore operations.

“We aim to act as a catalyst to unlock Liberia’s economic potential and empower local communities through expansion thereby generating numerous employment opportunities,” Vedanta said in a statement.

Navin Jaju, the CEO of the  Sesa Goa subsidiary engaged in exploration, mining and processing of iron ore, said the group plans a significant increase to iron ore production with the help of this investment.

The group said it was committed to contributing to key growth pillars outlined by the new government including infrastructure development.

“We are there for the progress and prosperity of Liberia and will always keep the interests of Liberia foremost.”

Since its inception in 2011, WCL has invested over $300 million towards the socio-economic development of the region, which includes substantial contributions to community development funds and critical infrastructure projects. WCL’s ongoing initiatives include infrastructure development, community engagement, and generating employment opportunities for local communities.

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