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Commodities group Vedanta’s Western Cluster subsidiary intends to invest $2 billion in Liberia over the next five years to fund expansion of its iron ore operations, it said on Thursday.
The miner made the announcement after a meeting between Vedanta representatives and Liberia President Joseph Boakai.
“We … aim to act as a catalyst to unlock Liberia’s economic potential and empower local communities through expansion … thereby generating numerous employment opportunities,” Vedanta said in a statement.
Navin Jaju, the CEO of the Vedanta Sesa Goa subsidiary engaged in exploration, mining and processing of iron ore, said the group plans a significant increase to iron ore production with the help of this investment.
The group said it was committed to contributing to key growth pillars outlined by the new government including infrastructure development.
(By Alphonso Toweh and Anait Miridzhanian; Editing by David Goodman)
Comments
Gomo Kollie
Hopefully the raw iron ore will be processed in Liberia before leaving the country. We want more processing and manufacturing plants to capitalize more from our natural resources