Israeli miner Elenilto, a unit of Israel’s Engelinvest Group, will spend $2.4 billion developing Liberia’s Western Cluster iron ore deposit, the Liberian Ministry of Lands, Mines and Energy said on Monday.
Production from the Western Cluster is estimated to be as much as 1.1 billion tons of iron ore.
Last month Elenilto was awarded the rights by the Liberian government to develop the Western Cluster project. The project consists of three deposits and two idled mines, which were closed during Liberia’s civil wars.
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