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ArcelorMittal Canada stake sale to fund Liberia growth

Keywords: Tags  ArcelorMittal, ArcelorMittal Mines Canada, AMMC, Posco, Liberia, Yekepa, Nimba, West Africa mining

LONDON — Proceeds from ArcelorMittal SA’s sale of a 15-percent stake in its Canadian unit will be used to fund the expansion of its iron ore mining operations in Liberia, the company told AMM sister publication Steel First.

Luxembourg-based ArcelorMittal agreed to sell the stake in ArcelorMittal Mines Canada (AMMC) to a consortium led by Pohang, South Korea-based Posco Ltd. for $1.1 billion early this year (, Jan. 2).

The ramp-up will see ArcelorMittal’s Yekepa Mine near Liberia’s border with Guinea produce 15 million tonnes per year of iron ore by 2015.

The second phase of the ramp-up includes plans to redevelop the Port of Buchanan shipping terminal and to construct a beneficiation plant and power plant at the mouth of the mine.

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