News release
Liberia, 12 August 2019
ArcelorMittal Liberia today announced that it has finalised the Detailed Feasibility Study (DFS) that was being carried out in order to identify the optimal solution for utilising the resources at Tokadeh and its other deposits.
The DFS recommends upgrades to the concentrator processing lines to reflect changed product quality demand in the seaborne market, replacement of wet tailings with dry stack tailings and treatment, and a revised life of mine plan to ensure optimal high grade product is able to meet market demand. The DFS will be delivered to the Government of Liberia for their consideration and then will be discussed formally at a review meeting soon.
Following completion of the DFS, the company has allocated funds towards detailed engineering work which has commenced in order to progress to the next stage of the process. This is required before an investment decision on the project development can be made later this year.
The detailed analysis conducted over the last year is part of the company’s commitment from 2013 when it announced a Phase 2 expansion project that envisaged the construction of 15 million tonnes of concentrate sinter fines capacity and associated infrastructure, if proven to be technically and economically feasible. This expansion project was initially delayed due to the declaration of force majeure by contractors due to the Ebola virus outbreak in West Africa a year later, and then reassessed following rapid iron ore price declines over the ensuing period.
This project is consistent with the company’s continued commitment to the country having been operating in Liberia for over 14 years.
Scott Lowe, CEO, ArcelorMittal Liberia commented: “When I took on my role as CEO in March of this year, I committed to building on a solid foundation to create a successful business we can all be proud of. A key part of this commitment is ensuring that we continue to progress the project as required before making an investment decision. Reviewing the results of the DFS with representatives of the Government of Liberia is a step forward towards the project that, if approved, would create additional revenue streams for the Government of Liberia and crucially, more long term skilled jobs for Liberians.
Our commitment to training the workforce of the future can be demonstrated by our $7mln investment in the Vocational Training Centre which is a part of our contribution to help build a sustainable and highly-skilled workforce that will meet the future needs of both ArcelorMittal and Liberia.”
Ends
About ArcelorMittal
ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 17 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.
We are one of the world’s five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.
In 2018, ArcelorMittal had revenues of $76.0 billion and crude steel production of 92.5 million metric tonnes, while own iron ore production reached 58.5 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
ArcelorMittal Liberia Communications | |
|
Amanda Hill
+231
(0) 779095265 amanda.hill@arcelormittal.com | |
| ArcelorMittal Corporate Communications | |
| Ewa Gebala +442032142428 ewa.gebala@arcelormittal.com | |