Arcelor Mittal to enter Senegal

Arcelor Mittal to enter Senegal

World’s largest steel company Arcelor Mittal has announced their plans to develop iron ore mines in Senegal. The company has signed on various agreements with the Senegal Government for this project.

This project is expected to see investments of 2.2 billion dollars. Senegal is said to have estimated reserves of around 750 million tones. These are located at 4 locations in the Faleme region and comprise both haematite and magnetite deposits.

Lakshmi Mittal, President and CEO of Arcelor Mittal spoke on these new plans to expand into Senegal: “We are delighted at having signed the binding agreements with Senegal in Dakar yesterday and are now looking forward to moving forward with this important project. Once completed, the Faleme project will prove to be an important source of iron ore supplies for our European plants.”

He added: “This project is an important step in our strategy of creating West Africa as a mining hub for iron ore supplies to our steel plants around the world. We are confident Senegal will prove to be a strategic location to extend our existing footprint in the promising West African markets.”