African Aura Obtains Government Agreement for $2.5bn Putu Project

15 September 2010 (Last Updated September 15th, 2010 18:30)

African Aura Mining has been granted a mineral development agreement by the Government of Liberia for the Putu iron ore project. The total investment in the project is expected to reach $2.5bn. African Aura Mining said the government agreed to a 25-year plan for the construction a

African Aura Mining has been granted a mineral development agreement by the Government of Liberia for the Putu iron ore project.

The total investment in the project is expected to reach $2.5bn.

African Aura Mining said the government agreed to a 25-year plan for the construction and development of the Putu iron ore project in eastern Liberia.

The mine is expected to produce 20 million metric tons of iron ore annually.

African Aura Mining holds a 38.5% interest in the Putu project, while the remainder is held by Russia's largest steelmaker, OAO Severstal.