ArcelorMittal Executive Chairman, Lakshmi Mittal said he had good conversation with the President Joseph Boakai while in Liberia and presented the company’s business plan to the Liberian leader.
While visiting the West African nation Lakshmi Mittal and President Joseph Boakai had a meeting centering on the company’s investment.
Mr. Mittal hailed Liberia’s Economic boost following the commissioning of the company’s state-of-the-art $1.4 billion iron ore concentrator at its mining operations in Liberia’s northern Nimba County.
Since 2021, ArcelorMittal has been negotiating third amendment to its mineral development agreement agreed in 2005. But ownership to the control only rail system appears to stall progress on new contract.
The West African nation hopes to yield $800 million as ArcelorMittal plans to expand production under the third amended deal.
The newly unveiled plant is set to streamline production processes and significantly increase the country’s revenue from the company’s mining activities, with projections soaring from $35 million to an astonishing $200 million annually.
The new concentrator will boost production capacity from the current 5 million tons to an impressive 20 million tons per year. It will also enable the processing of lower-grade iron ore into high-grade magnetite concentrate, a move aimed at maximizing value and minimizing the export of raw materials. This transition aligns with Liberia’s goals of economic stabilization and growth.
Mr. Mittal expressed enthusiasm about the investment’s potential, stating, “This state-of-the-art concentrator guarantees the long-term future of mining in Liberia… We take our responsibility to the country and its people very seriously.”
He acknowledged the historic significance of this milestone in the mining landscape and its broader implications for Liberia’s economic future. With the project expected to create an estimated 6,000 new jobs, it promises a substantial boost to local employment.
President Boakai echoed the sentiments, emphasizing the expansion as a clear demonstration of increased investor confidence in Liberia’s stability and economic prospects.
He noted that the current undertaking not only provides immediate job opportunities but has also already created over 5,000 construction jobs on-site. Boakai remarked, “This brings great relief to our economy… such a huge expansion augurs well for the enriching of the corporate social responsibility envelope.”
Both leaders underscored the crucial role that infrastructure investments play in the country’s development. President Boakai has called upon ArcelorMittal to continue pursuing other significant projects within the nation, including enhancements to rail systems, port facilities, and energy generation, reinforcing a vision of comprehensive infrastructure growth.
