Israeli firm to sign US$2.4 billion iron ore deal with Liberia.
The western cluster project location borders with two of Liberia's neighbours, Sierra Leone in the west and south-western Guinea in the north. It comprises two former iron ore mines-Bomi Mountains and the Mano Mountain- along with the untapped Bea Mountains, all in western Liberia with over 1 billion tons of ore, according to Liberia's Ministry of Lands, Mines and Energy. He assured that depending on the ratification of the agreement by the Liberian parliament early next year, the company will start mining in 2011 from the Bomi Mountains in Bomi County in western Liberia.
and also in Liberia is Russia's Severstal , this from their 3rd Q report today " In the quarter, Severstal advanced its Putu Range iron ore Greenfield project in Liberia, Western Africa, after the Mineral Development Agreement was signed and approved by the President of Liberia and ratified by the Liberian Legislature. A pre-feasibility study of the project is under way and is scheduled to be completed by approximately the end of September 2012. The resource has a preliminary 1.1 billion tonnes of iron mineralization at an average grade of 37.6% with a potential increase to more than 2 billion tonnes. Potential production is more than 20 million tonnes of iron ore concentrate per annum."
CFE Price at posting:
45.5¢ Sentiment: Hold Disclosure: Held
