Liberia on Wednesday said that Vedanta Group firm Sesa Goa is likely to commence operations in its iron ore mining project by the year-end, while ArcelorMittal is set to take its ore capacity in that country to 15 million tonnes by 2015.
'Sesa Goa, which is an Indian corporate entity, is supposed to start operations by end of this year,' Liberia's visiting nobel peace prize winning president, Ellen Johnson Sirleaf said at an event, organised jointly by Ficci, CII and Assocham.
Sesa Goa, which is gearing up to complete its first phase of iron ore mining in the West African nation, is looking at investing up to $400 million on the project in 2-3 years and has plans to spend about $100 million this year.
It has already spent $35 million in the project so far and now investment will be made on completing the first phase production target of 2 million tonnes per annum (MTPA) and partly on works related to phase-II of equal capacity.
Sesa Goa had acquired Liberia's Western Clusters project for about $123.5 million and has divided the project into several phases. It also has plans to ramp up production up to 30 MTPA by 2016-17.
Talking about the world's largest steel maker's project, the Liberian President said, 'Two years ago ArcelorMittal, whose major shareholder comes from your country, made the first iron ore export in 20 years under first phase programme that has increased annual exports to 5 MT.’'
'Sesa Goa, which is an Indian corporate entity, is supposed to start operations by end of this year,' Liberia's visiting nobel peace prize winning president, Ellen Johnson Sirleaf said at an event, organised jointly by Ficci, CII and Assocham.
Sesa Goa, which is gearing up to complete its first phase of iron ore mining in the West African nation, is looking at investing up to $400 million on the project in 2-3 years and has plans to spend about $100 million this year.
It has already spent $35 million in the project so far and now investment will be made on completing the first phase production target of 2 million tonnes per annum (MTPA) and partly on works related to phase-II of equal capacity.
Sesa Goa had acquired Liberia's Western Clusters project for about $123.5 million and has divided the project into several phases. It also has plans to ramp up production up to 30 MTPA by 2016-17.
Talking about the world's largest steel maker's project, the Liberian President said, 'Two years ago ArcelorMittal, whose major shareholder comes from your country, made the first iron ore export in 20 years under first phase programme that has increased annual exports to 5 MT.’'