Multinational steelmaker ArcelorMittal (MT.LU) has extended its long-term agreement with the government of Liberia for the mining and shipping of minerals, the company announced on Friday, bringing its total investment in the country to $3.5 billion, as seen on Reuters.
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ArcelorMittal said the extension prolongs the existing agreement until 2050, with an option to renew for an additional 25 years.
As part of the deal, the company will pay the Liberian government $200 million for the extension of mining rights and reserved access to railroad capacity.
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Image Credit: Reuters
