A Chinese company promised over the weekend to spend 2.6 billion dollars on Liberia's main iron ore mine at bong mines in the biggest investment ever made in the country's history.
Speaking over the weekend at the National Investment Commission (NIC) offices where a team of government negotiators and a high powered delegation from the China Union Company held their first meeting, NIC Chairman, Dr. Richard Tolbert described the US$2.6 billion investment project as very important to the government of Liberia.
Presenting a graphic description of the investment project, the Chief Executive Officer (CEO) of China Union, Mr. Yin Fuyou disclosed that his company will construct a 130MW Hydro Power Plant on the St. Paul River to supply electricity to Monrovia and other areas.
Mr. Yin who spoke through an interpreter noted that Bong Mines will be transformed with modern facilities including a residential area for employees of the company. He said the company will also create an agricultural site where rice and other crops will be planted.
China Union, according to Mr. Yin, will also build a park where livestock will be raised. He said the ore that will be extracted from the mountains of Liberia would benefit every Liberian as the company will be producing steel in the country.