ArcelorMittal Says Tokadeh Project’s Approval Could Create New Employment for Liberians
MONROVIA – One of the world’s largest steel producing companies, ArcelorMittal, has announced that it is now completing engineering phase of a feasibility study to identify the optimal concentration solution for utilizing the resources at Tokadeh, one of its mining sites in Nimba County, Liberia. Mt. Tokadeh is next to Mountain Tokade in the same county.
Report by Alaskai Moore Johnson, [email protected]
As a result of this study, which would lead to full operations of the steel giant, hundreds of Liberians would be added to its staff.
“ArcelorMittal Liberia is now completing the engineering phase of a feasibility study to identify the optimal concentration solution for utilizing the resources at Tokadeh. The study is expected to be completed by mid-2019. Assuming approvals, the project would create increased employment for Liberians in addition to other direct and indirect benefits for the people of Liberia,” said ArcelorMittal Liberia’s spokesperson, Wednesday, April 10, 2019.
This spokesperson further disclosed that a high level team of senior management executives are scheduled to meet with the Liberian government on Wednesday, April 17, for discussions.
In May 2018, ArcelorMittal, which is a Luxembourg-based steel production company, announced that it has started work on a feasibility study at the Tokadeh iron ore mine.
ArcelorMittal said they had commissioned the study in order to identify an optimal concentration solution for utilizing the mine’s lower-grade resources through the study.
The development followed the company’s commencement of mining activities at the Gangra direct shipping ore (DSO) deposit.
ArcelorMittal had originally planned a Phase II expansion at Tokadeh in order to achieve the production of 15 million metric tons per annum (Mtpa) of concentrated sinter fine ore.
However, the project was temporarily put on hold as a result of the Ebola virus outbreak in 2014.
ArcelorMittal subsequently reassessed the expansion project due to a decline in iron ore prices and recommenced drilling for DSO resource extensions in late-2015.
The company reported a 5.5% spike in market-priced iron ore shipments in the first quarter of 2018 when compared to the same period the year before, which was a result of higher shipment rates in Liberia. The company posted a net income of $1.2bn in the quarter ending March 2018, which represents an increase of 19% when compared to the first quarter of 2017.