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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese company promises 2.6 billion dollar iron deal to Liberia: minister AFP - Sunday, December 21 MONROVIA (AFP) - - A Chinese conglomerate has promised to spend 2.6 billion dollars on Liberia's main iron ore mine in the biggest investment ever made in the African nation, Investment Minister Richard Tolbert told AFP on Saturday. Tolbert said the China Union company had promised that within 12 months it will have built a one million tonne a year capacity refining factory at the Bong iron mines, about 150 kilometers (95 miles) north of Monrovia. "It is the highest investment in our country's history. They have already won the bid in a transparent manner and we are now concluding the signing of the contract," Tolbert said in an interview. The minister said China Union would give the government 40 million dollars just to sign the contract in January. "This is the highest amount any company ever gave us upon the conclusion of our negotiations. This is the cash the government will receive, to begin to fix the infrastructures of this country, and some of the social needs of our people." He said there would be 3,000 jobs created by the project with up to 15,000 following indirectly. "That is within two to three years. In the long term they have assured us that the direct jobs could be as many as 10-15,000, and the indirect ones as higher as 70,000." Before Liberia's 1989-2003 civil war, mines were run by a German concern, the Bong Mining Company. But it was criticised for not carrying out development projects in the region. "We have started to correct all mistakes of the past," said Tolbert. "We have put things into the agreement to make sure that we have not only an extractive industry for the next 25 years, but there is something left there after the investors leave. That people of the area will have something that they will be able to be proud of." He added that at a time of global economic crisis the China Union deal was "a great sign of confidence investors have in our country." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Chinese company promises 2.6 billion dollar iron deal to Liberia: ministerAFP - Sunday, December 21 China to help Taiwan amid global crisisAFP - Sunday, December 21 Japan proposes record budget to bolster economyAP - Sunday, December 21 Japan unveils record budget to bolster economyAP - Sunday, December 21 Related Articles: Business Tentacles of Madoff scandal reach far and wideAP - Sunday, December 21 Chinese company promises 2.6 billion dollar iron deal to Liberia: ministerAFP - Sunday, December 21 Russia's Putin warns business on excessive job cutsReuters - Sunday, December 21 Italy's Berlusconi: Age for women to retire may riseReuters - Sunday, December 21 Canada offers $3.29 billion auto bailoutAP - Sunday, December 21 Enlarge Photo Chinese company promises 2.6 billion dollar iron deal to Liberia: minister Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Actress Jennifer Aniston appears naked in GQ magazine Oil prices mixed; New York contract expires below 34 dollars German Christmas cake theft sparks data scare Deep Throat, Watergate's secret informant, dies at 95 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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