ArcelorMittal S.A. (MT,MT.AS), a steel manufacturing company, on Friday said it has signed an amended Mineral Development Agreement with the Government of Liberia, extending the concession to 2050, with an option to renew for a further 25 years, following legislative ratification.
Under the agreement, the company will pay $200 million for extended mining rights and reserved rail access.
The company said that the Iron ore shipments are expected to increase to 20 million tonnes per annum in 2026, from about 5 million tonnes, with feasibility studies underway to expand output beyond that level.
The amendment supports its $1.8 billion expansion project, lifting total investment in Liberia to $3.5 billion, and includes upgrades to rail infrastructure to support up to 30 million tonnes per annum.
The company employs about 8,000 people in Liberia and said the expansion is expected to boost government revenues and economic growth.
On Thursday, ArcelorMittal had closed at $55.79, 0.25 cents higher on the New York Stock Exchange. In the after-market hours, the stock traded 0.16 cents higher before ending the trade at $55.63.
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