— AML Describes Third Amendment to MDA, Poises To Invest $3.5Bllion
By Staff Writer
ArcelorMittal Liberia (AML) has welcomed the ratification of the Third Amendment to its Mineral Development Agreement (MDA) with the Government of Liberia, describing the move as a significant step toward long-term national development.
The amendment extends AML’s MDA through 2050, with an option for a further 25-year renewal.
A statement on the company’s official social media page says the agreement reinforces its long-term commitment to Liberia and paves the way for the next phase of expansion.
Before the amendment, AML built a modern iron ore concentrator at Tokadeh.
The facility is among the most advanced beneficiation plants on the African continent.AML said the Third Amendment represents a total investment of $3.5 billion, which it described as the largest Foreign Direct Investment(FDI) in Liberia since the end of the civil war.Under the expansion plan, iron ore production is expected to increase from 5 million to 20 million metric tons annually by 2026. Rail capacity will also expand to as much as 30 million metric tons per year, positioning the operation for sustained future growth, the company said.The company added that the project will generate thousands of jobs, strengthen host communities and significantly increase government revenue.“For more than two decades, AML has worked closely with Liberia to create employment, develop infrastructure, support education and health services, and contribute to national economic growth,” the company said.AML noted that the amended agreement builds on that foundation and is expected to drive long-term economic transformation that will benefit future generations.
