ArcelorMittal Liberia on Thursday moved to dispel online speculation about the scale of its Yekepa Phase II expansion, confirming the current phase of work carries an estimated price tag of roughly US$1.8 billion.
The clarification, issued following a fact-finding visit by the Joint Senate Committee on Mineral Development Agreement (MDA) Compliance to the company’s Tokadeh and Yekepa concession areas, describes the Phase II program as “one of the most significant postwar private sector investments in Liberia.”
ArcelorMittal said the roughly $1.8 billion figure covers a broad package of capital works, including:
– construction of a concentrator plant.
– major upgrades and capacity expansion of rail and port infrastructure.
– a new train unloading facility.
– a tailings storage facility.
– 100 MW power generation capacity at Tokadeh and Buchanan.
– material handling facilities at both Buchanan and Tokadeh;
– associated auxiliary infrastructure; and
– incremental investment to expand operating capacity toward 20 million tons per annum of iron ore production.
The company also highlighted expected socioeconomic benefits, saying the expansion will create more than 7,500 local jobs directly and indirectly and include skills development programs for Liberians.
ArcelorMittal reiterated that it remains “firmly on track” to deliver the Phase II expansion in partnership with the Government of Liberia and other stakeholders and stressed its ongoing compliance with the MDA.
The announcement follows heightened public interest and scrutiny of large extractive sector projects in Liberia, where foreign direct investment in post conflict reconstruction is closely watched by regulators, civil society groups and international partners.
