LIBERIA’S SHATTERED ECONOMY TO GET A HUGE BOOST

 

Tuesday August 23, 2005

The world’s largest steel-making company , Mittal of Rotterdam, has been awarded the contract to revive Liberia’s lucrative iron ore mines in Yekepa, Nimba County . The former Liberian-American-Swedish-Minerals Company ( LAMCO ) , whose operations were grounded in 1990 due to the civil war , is to restart operations with a $900m investment by Mttal, according to the contract signed in Monrovia between the company and Liberia’s interim leader, Gyude Brant ( Pictured left ).

Mittal will rebuild the Yekepa mines, resuscitate the railway and repair the port facilities in Buchanan, Grand Bassa County. Operations on the mines should start late this year, if all goes well.

lLAMCO  started operations in Liberia in 1953 and at one time Liberia was the largest producer of Iron Ore in the world, while the exportation of the mineral  accounted for a significant portion of annual revenues earned by the Liberian governments. LAMCO  also provided employment facilities for thousands of Liberians and foreign workers.

 

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