African Press International (API)

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Mittal to raise its investment in Liberia to $1.5bn, chief executive discloses

Posted by African Press International on December 13, 2007

Monrovia (Liberia) Lakshmi Mittal, the worlds fifth richest man and head of the steel giant ArcelorMittal, who paid a one-day visit to Liberia on Wednesday has announced in Monrovia that his company will increase its investment in the country from US$1billion to US$1.5 billion.

Mr. Mittal made the announcement Wednesday following talks with Liberian President Ellen Johnson Sirleaf at the presidential villa in Monrovia.

He told a news conference late Wednesday shortly before departing the country that his company was increasing its investment because the “scepticism which once hung over Liberia has now been removed with the return of peace and democracy to the country”.

“AcelorMital is giving Liberia the topmost priority in its mining sector by placing the project on its fastest track,” Mr. Mittal , adding that the company hopes to ship the first consignment of iron ore in the middle of 2009.

The ArcelorMittal chief executive disclosed that a geological team along with drilling equipment has already arrived in the country to begin drilling later this month.

He called on Liberians with mining experience to make themselves available, as the company would need local manpower to undertake immediate rehabilitation of the railways.

Mittal further disclosed that his company is willing to expand its activities beyond the mining sector to share its expertise in other areas.

He praised President Johnson Sirleaf for the progress her government continues to make since she assumed leadership of the country, and said he was pleased to associate with the Presidents efforts.

Published by Korir, API/APN source.apa

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