The Inquirer (Monrovia)
11 July 2008
The Mano River Resources and the giant Russian Steelmaker and the Northern Steel (Severstal) have concluded an iron ore deal of which, the Russian Company has agreed to invest US$50 million in the Mano River.
In an interview with The INQUIRER recently, the Managing Director of Mano River Resources Company, Mr. Ronnie Addy disclosed that Severstal which, mainly operates iron and coal mines and produces steel in North-West Russia, has agreed to invest US$ 50 in Mano River.
Mr. Addy pointed out that though there are lots of money to be invested by the Russian company, as the company is interested in investing in Liberia. According to Mr. Addy, in excess of US$30 million will be spent on a definitive feasibility.
He said the Severstal, Russian Company are an integrated group, like Arcelor Mittal and Tata Corus that are not only one of the largest Russian steel makers but equally one of the top five steel makers in the United States where they maintain an aggressive acquisition policy.
He said the company makes excellent quality iron ore and that this is exactly the expertise Liberia should be looking for, not only for Putu. He said the group is owned and run by an extremely hard-working dedicated individual who unlike others keeps a lot of profile. "He has a very strong track record and shares with Liberia's President view that only hard work and focus lead to success," Mr. Addy noted.
He said Liberia should make certain that all its partners are of quality and exist with expertise like those of Arcelormittal, BHP Billiton and now Severstal. "This amazing iron ore cycle will not last forever; time of essence; the high prices have launched new aggressive world-wide exploration and new high-grade deposits will be discovered which might, again, make Liberia's existing deposits, some remnants of old mines, non-competitive in 10 years unless operated by then, "he added.
Mr. Addy said the company plans to export by May 2013 and have a plan for 12million tons per year but pushing it a little.
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