Monrovia, Liberia – ArcelorMittal, through its Executive Chairman Lakshmi Mittal, has committed US$1.4 billion to the Government of Liberia in new investment towards building an iron ore concentrator to producing high-grade iron ore, increasing production to 15 million tons annually, at a high-level meeting with the President of Liberia, Joseph N. Boakai, on Monday, April 8, 2024, at the Executive Mansion in Monrovia.
This recent investment brings the corporation’s total national investments in the country to over US$3.0 billion, including a significant investment in the infrastructure of the Yekepa-Buchanan train. The expansion’s first phase is scheduled to be finished in late 2024.
The conference emphasized the close bonds and cooperative nature that have defined Liberia’s partnership with ArcelorMittal since the company’s initial entry into the nation following the civil war in 2005.
Liberia’s mining sector was revived in 2011 when ArcelorMittal began delivering its first shipment of ore to customers with a 5 million tons annual operation. ArcelorMittal is now undertaking a phased development program valued at up to $30 million USD annually.
ArcelorMittal reaffirmed its commitment to further investment in its Vocational and Technical Center (VTC) and support to other Technical Vocational Education and Training (TVET) institutes in Liberia, in line with President Boakai’s vision of equipping Liberian youth with essential technical and operational skills.
ArcelorMittal’s VTC will have 200 skilled adolescents enrolled by 2025, in addition to the 100 who have graduated thus far. The partnership with other technical vocational training facilities across the nation will contribute to the development of Liberia’s talent pool and the nation’s socioeconomic progress.
In order to develop the next generation of leaders, the corporation will also keep offering scholarships to Liberian students who want to study overseas. Lakshmi Mittal, the executive chairman of ArcelorMittal, stated that the firm has always aimed to be a committed, respected, and reliable partner to Liberia and its people ever since it first entered the country in 2005.
Mr. Mittal described the meeting with President Boakai as a joy and said the company is eager to collaborate with him and his administration to strengthen the alliance.
“This is a big undertaking for us since it will establish our company’s long-term presence in Liberia and significantly boost the nation’s sustainable development and economic prosperity.”
During the post-meeting media briefing, President Joseph N. Boakai acknowledged ArcelorMittal’s dedication to Liberia and its citizens.
President Boakai stated that the government of Liberia is eager to continue collaborating with ArcelorMittal as a reliable partner in order to broaden its backing for the country’s transformation and guarantee that the investments made benefits the people of Liberia.
President Boakai, “We are prioritizing the conclusion of the Third Amendment to the MDA, so that this trajectory of growth and partnership with ArcelorMittal will continue for many years to come.”
