Vedanta subsidiary Western Cluster plans $2bn Liberia investment

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.Global nickel prices have probably hit a floor, says MacquarieThe accident follows the death of over 70 people in similar circumstances at an artisanal mine in southwest Mali in January.Ivanhoe said Saudi Arabia's Ma’aden, its 50/50 partner in the Middle East, has no intention to sell its shares in the US company.

Source: News Formal (newsformal.com)

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