Liberia: ArcelorMittal Affirms Ongoing Commitment to Liberia

ArcelorMittal Liberia on Friday, August 9, 2019 announced that it has finalized the Detailed Feasibility Study (DFS) that was being carried out in order to identify the optimal solution for utilizing the resources at Mount Tokadeh and its other deposits.

According to the company's statement, the DFS recommends upgrades to the concentrate processing lines to reflect changed product quality demand in the seaborne market, replacement of wet tailing with dry stack one and treatment, and a revised life of mine plan to ensure optimal high grade product is able to meet market demand.

The DFS, the statement said, will be delivered to the Government of Liberia (GoL) for her consideration, and then will be discussed formally at a review meeting soon. Following completion of the DFS, the company has allocated funds towards detailed engineering work, which has commenced in order to progress to the next stage of the process.

"This is required before an investment decision on the project development can be made later this year. The detailed analysis conducted over the last year is part of the company's commitment from 2013 when it announced a Phase 2 expansion project that envisaged the construction of 15 million tonnes of concentrate sinter fines capacity and associated infrastructure, if proven to be technically and economically feasible," the statement said.

This expansion project was initially delayed due to the declaration of force majeure by contractors due to the Ebola virus outbreak in West Africa a year later, and then reassessed following rapid iron ore price declines over the ensuing period. This project is consistent with the company's continued commitment to the country having been operating in Liberia for over 14 years.

Scott Lowe, CEO, ArcelorMittal Liberia commented: "When I took on my role as CEO in March of this year, I committed to building on a solid foundation to create a successful business we can all be proud of. A key part of this commitment is ensuring that we continue to progress the project as required before making an investment decision. Reviewing the results of the DFS with representatives of the GoL is a step forward towards the project that, if approved, would create additional revenue streams for the GoL and crucially, more long term skilled jobs for Liberians. Our commitment to training the workforce of the future can be demonstrated by our US$7 million investment in the Vocational Training Centre, which is a part of our contribution to help build a sustainable and highly-skilled workforce that will meet the future needs of both ArcelorMittal and Liberia."

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 17 countries.

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