Liberia-ArcelorMittal Mineral Development Agreement Extended to 2050

The Government of Liberia and ArcelorMittal have signed and ratified an amendment to their Mineral Development Agreement, extending it to 2050 with a 25-year renewal option. This agreement solidifies ArcelorMittal's long-term commitment and mining expansion in Liberia, centered around a $1.8 billion expansion project that includes a new iron ore concentration facility, rail infrastructure upgrades, and port improvements. The total investment by ArcelorMittal in Liberia now stands at $3.5 billion, making it the largest foreign direct investment in Liberia's post-war economy. Iron ore shipments are projected to increase from 5 million tonnes per annum (mtpa) to 20 mtpa in 2026, with potential for further expansion to 30 mtpa. The agreement also provides for multi-user access to the Tokadeh to Buchanan rail corridor, with other users required to invest in its expansion. ArcelorMittal will pay $200 million to Liberia for mining rights extension and reserved rail capacity. President Joseph Boakai and ArcelorMittal Executive Chairman Lakshmi Mittal both highlighted the agreement's positive impact on Liberia's economy, including increased employment, tax revenues, and GDP growth.