Engelinvest Group’s unit Elenilto Mineral Mining has secured a 25-year licence to develop the $1.6bn Western Cluster iron ore project in Liberia, one of the world’s largest iron ore mining sites.

Four firms submitted bids last year to resume development of the Western Cluster iron ore project, which includes three deposits with over 1.1 billion tons of iron ore reserves as well as two idled mines.

Elenilto has teamed up with German international consultancy company IMC-Montan Consulting for the project.

Liberia president Ellen Johnson-Sirleaf said the country has finally completed the concession bid for the Western Cluster iron ore deposits.

“The cabinet will now start negotiations about developing the project with Elenilto,” Johnson-Sirleaf said.