ArcelorMittal has extended its mining rights in Liberia to 2050, with an option for a further 25 years, after signing an amended agreement with the government. The company will pay $200 million for the extension and reserved rail access, with iron ore shipments expected to increase to 20 million tonnes per annum by 2026. Feasibility studies are underway to expand output beyond that level, supporting a $1.8 billion expansion project. The total investment in Liberia will reach $3.5 billion, with upgrades to rail infrastructure to support up to 30 million tonnes per annum. The expansion is expected to boost government revenues and economic growth. ArcelorMittal’s stock closed at $55.79 on Thursday.

Read more at Nasdaq: ArcelorMittal Extends Liberia Mining Concession To 2050