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Liberia: First Iron Ore Cargo Leaves 2009
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The NEWS (Monrovia)
14 December 2007
Posted to the web 14 December 2007
Arcelor Mittal, the world's largest steelmaker, announced on Wednesday that it has increased it investment by US$500 million to US$1.5 billion after it passed a vote of confidence in government of President Ellen Johnson-Sirleaf.
Chief Executive Lakshmi Mittal told a joint news conference with Johnson-Sirleaf that his company aimed to ship its first iron ore cargo from Liberia by mid-2009 and expected to reach 15 million tonnes of shipments by 2011.
The announcement of the increased investment was made by the Chairman of the Corporation, Mr. Lakshmi Mittal following talks with President Ellen Johnson Sirleaf in Monrovia.
Mr. Mittal said his company was increasing its investment because the skepticism which once hung over Liberia has now been removed with the return of peace and democracy to the country.
Arcelor Mittal, he added, is giving Liberia the top most priority in its mining sector by placing the project on its fastest track.
The Arcelor Mittal Executive said a geological team along with drilling equipment has arrived in the country to begin drilling later this month.
Mr. Mittal called on Liberians with experience in the mining sector to make themselves available.
The company, he said, will need local manpower to undertake the immediate rehabilitation of railways.
Mr. Mittal said his company is willing to expand its activities beyond the mining sector to share its expertise in other areas including the country's power sector.
The Arcelor Mittal Chairman announced that his company will rehabilitate the Ganta-Yekepa highway this dry season in addition to the Sanniquellie-Yekepa road already earmarked for repairs.
Mr. Mittal added that he was in Liberia to renew his company's commitment to the future of the country.
"We are here to assist you," he later told a joint meeting of government officials and Arcelor Mittal representatives at the Foreign Ministry.
The Arcelor Mittal Executive praised President Sirleaf for the progress the government continues to make since she assumed the leadership of the country and said he was pleased to associate with the President. "There is positive feeling about Liberia out there," he acknowledged, assuring the President of full and direct commitment to the project.
"We have to ensure that this project is successful because it will be a model for the future," an Executive Mansion release quotes Mr. Mittal as saying.
Earlier, President Ellen Johnson Sirleaf welcomed Mr. Mittal and his Team to Liberia and thanked the delegation for the spirit of true partnership exhibited during the process which led to the conclusion last year of the Agreement.
The President assured Mr. Mittal and party that government will continue to cooperate with the company to facilitate its operations.
Wednesday's meeting was attended by members of government's negotiating team including the Ministers of Finance, Lands, Mines & Energy, Labor, National Investment Commission Chairman, as well as LRDC National Coordinator, Mr. Natty Davies.
Arcelor Mittal Representatives included the Executive Vice President of Mergers & Acquisitions, Mr. Sudhir Maheshwari, and Vice President for Mining & Merger Acquisition, Mr. M.P. Singh, as well as Arcelor Mittal Liberia CEO, Mr. Joe Matthews, among others.
Mr. Mittal arrived in the country Wednesday as guest of President Ellen Johnson Sirleaf. His visit comes nearly a year following the signing of an agreement between the company and Liberia.
The agreement, among other benefits, includes the renovation of the Port of Buchanan, the rehabilitation of the 270 kilometer railway from Buchanan to Yekepa and the development of iron ore mines in Nimba.
Over the life of the project, 20,000 direct and indirect jobs will be created for the citizens of Liberia.
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The project which is now underway will create more than five hundred new jobs in early 2008, as the company undertakes the construction of railways and roads to facilitate its operations.
liberia is still not been good and that country needs to get up and stand up.haha
As we read everyday documents on Liberia, it seems impressive for what is presently shaping the future of the country. But it seems to me that the government is not doing much to close the gap between government and the people. We should not forget why we went to war because of nepotism, corruption, biggetry and the failure of national government to introduce decentralize institutions that would bring more right to every community to initiate development orientated map.
The manner in which most of Africa is run makes it more harder for community to be developed, because... [Read Full Text]
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