Liberia’s ministry of finance has said that the country aims to generate $260 million a year in tax revenue from iron ore mines by 2014. This is equivalent to 17 percent of gross domestic product. The statement was made today by the country’s Ministry of Finance/
Shipments of iron ore from the country are expected to commence in 2011. Meanwhile around $5 billion is being spent on new iron ore projects in the West African country.
China Union has a $2.6 billion iron ore project currently in the planning stages while Israel’s Elenilto was recently awarded the contract to develop the Western Cluster iron ore deposit in a project that is estimated to cost $2.4 billion.
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