Liberia’s President Joseph Nyuma Boakai, Sr. has officially inaugurated ArcelorMittal’s US$1.4bn concentrator plant at the Mt. Tokadeh mining site in Nimba County
It is the central component of ArcelorMittal’s US$1.8bn expansion project in Liberia, bringing the group’s total investment to date to approximately US$3bn, and marks one of the largest private investments in the West African country’s post-war history.
The investment will see production increase from current levels of 5 million tonnes of iron ore a year, to 20 million tonnes, alongside a significant improvement in product quality to higher-grade, higher-value iron ore.
The plant, originally initiated in 2012, was paused due to the 2014 Ebola crisis. Construction resumed in 2021, integrating modern technology and updated engineering designs.
The facility is scheduled to begin full operations later this month.
“This level of investment is a testament to the growing confidence in the security and wellbeing of our state, and in the positive direction of our investment climate,” said Boakai.
The project has already created over 5,000 construction jobs and is expected to generate 1,000 permanent positions, as well as bringing additional economic benefits to the nation, he added.
The expansion project also involves investment in accompanying infrastructure assets, with the railway from Tokadeh to Buchanan being upgraded, and a new pier added at the port of Buchanan, along with associated materials handling infrastructure.
The president urged ArcelorMittal to continue advancing additional investment commitments, including a railway expansion, port enhancements and power plant installations.
“These projects are essential to deepening Liberia’s integration into global value chains and unlocking long-term benefits for our people,” the president added.
ArcelorMittal executive chairman Lakshmi Mittal was also in Liberia to celebrate the inauguration.
“This state-of-the-art concentrator guarantees the long-term future of mining in Liberia,” he said.
“It will quadruple our capabilities from 5 million tonnes to 20 million tonnes, continue to provide jobs for thousands of Liberians and make an important contribution to Liberia’s economic prosperity.”
Read more:
ArcelorMittal winds down Longs business
Sasol to decarbonise and reindustrialise South African regions through green hydrogen