Mumbai (Maharashtra) [India], June 14 : Mumbai-based mining company Vedanta Group, through its arm Western Cluster Limited (WCL), will invest USD 2 billion in Liberia's mining sector.
"We are on course for an investment of up to US$ 2 billion in WCL and aim to act as a catalyst to unlock Liberia's economic potential and empower local communities through expansion of operation, thereby, generating numerous employment opportunities," the company said in a press release.
WCL is a subsidiary of Vedanta Sesa Goa and a key player in Liberia's mining sector. With this investment, the company will focus on infrastructural development, health, sanitation, environment and climate change initiatives, human capacity development, Governance and rule of law enhancement, and women empowerment, youth, children and social protection initiatives in the region.
Speaking on the investment decision, Navin Jaju, Chief Executive Officer, Vedanta Sesa Goa, said,"We are there for the progress and prosperity of Liberia and will always keep the interests of Liberia foremost. I especially thank the communities for their support and am looking forward to continued support as well."
The company began its journey in the region in 2011 and has invested over $300 million towards the socio-economic development, it claimed.
The ongoing projects of the company include infrastructure development, community engagement, and generating employment opportunities for local communities, it added in the release.
Going forward, the company will also invest towards community health, education and sports, improving infrastructure, and other public services, it added.
Founded in 1954, Sesa Goa Iron Ore is engaged in the exploration, mining and processing of iron ore. It has grown to be one of the top low-cost producers of iron ore in the country, as claimed by the company. During 1991-1995, it diversified into the manufacture of pig iron and metallurgical coke.
It has also developed indigenous and environment-friendly technology for producing high-quality metallurgical coke. Sesa Goa Iron Ore also has a 65 MW power plant that produces clean power by using the waste heat recovery from its coke ovens and blast furnace gas. In 2007, it became a majority-owned subsidiary of Vedanta Resources Plc., when Vedanta acquired 51 per cent controlling stake from Mitsui & Co., Ltd. In June 2009, Sesa acquired VS Dempo & Co.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor