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China Union to invest $2.6b in Liberia's iron ore mine

By Wang Xing (chinadaily.com.cn)
Updated: 2008-12-22 15:22

China investment conglomerate China Union has promised to spend $2.6 billion on Liberia's main iron ore mine in one of the biggest investments that China has ever made in Africa, AFP reported, citing a Liberian minister.

Liberian Investment Minister Tolbert said the China Union company had promised that within 12 months it will have built a one million ton-a-year capacity refining factory at the Bong iron mines, about 150 km north of Monrovia, according to AFP.

The report said the investment will create 3,000 jobs in the African country within three years and jobs created indirectly in the long run could be as higher as 70,000.

Before Liberia's 1989-2003 civil war, mines were run by a German company, the Bong Mining Company. But it was criticized for not carrying out development projects in the region.