Monrovia, Liberia — 17 September 2013 – Sesa Goa “’ a member company of Indian mining giant The Vedanta Group “’ is likely to commence operations at its iron ore mining project in Liberia by the end of this year, while steel producer ArcelorMittal is set to take its ore capacity in the country to 15Mtpa by 2015.
“Sesa Goa is supposed to start operations by the end of this year,” Liberia’s visiting Nobel peace prize winning president, Ellen Johnson Sirleaf, revealed here.
allAfrica.com reports that Sesa Goa, which is gearing up to complete its first phase of iron ore mining in the West African nation, is looking at investing up to US$400 million on the project over a period of two to three years, and has plans to spend about US$100 million this year.
The company has already spent US$35 million on the project, and further investment on Phase Two will be made on completion of the first phase production target of 2Mtpa.
Sesa Goa had acquired Liberia’s Western Clusters project earlier for about US$123.5 million, and divided the project into several phases. It also has plans to ramp up production up to 30Mtpa by 2016-17.
Talking about the world’s largest steel maker’s project, the Liberian President said, “Two years ago ArcelorMittal made the first iron ore export in 20 years under a first phase programme that has grown annual exports to 5Mt. Phase Two will increase exports to 15Mtpa.”
Earlier this year, the ArcelorMittal board approved plans for the second phase of its mining operations in Liberia that will boost iron ore capacity to 15Mtpa by 2015. The company has invested over US$1 billion in development of its operations in the African nation so far.
Sirleaf, who is heading a business delegation to India, also expressed happiness over the Jindal group’s interest in setting up a thermal plant in Liberia.
“We are also pleased that negotiations are advancing well with Jindal group of companies, which will be installing a major plant in our country to increase the source of power for industry,” she said.
Jindal Steel and Power is setting up a 175MW thermal plant in power-deficit Liberia with a US$250 million investment in the first phase.
Source: allAfrica.com. For more information, click here.