Tata Steel to develop iron ore deposits in Ivory Coast

Mumbai: Tata Steel and SODEMI of Ivory Coast (state owned company for mineral development in the Ivory Coast) said on Wednesday that they had entered into a joint venture agreement for the development of Mount Nimba Iron ore deposits in Ivory Coast (West Africa).

The initial phase will involve exploration and detailed feasibility assessments followed by construction of the mine and beneficiation facilities. The iron ore from this project will be supplied to Tata Steel Group facilities, especially, those in the UK and the Netherlands. The Mt Nimba deposit, spread over 3 countries – Liberia, Guinea and Ivory Coast – is one of the biggest in the West Africa.

Mr B. Muthuraman, Managing Director, Tata Steel, said, “Tata Steel has vast experience of mining, spanning over several decades and will be introducing the best practices for mining geology environment and project management. It is Tata’s philosophy to participate and be a part of a country’s development process and Tata Steel, through its well-known social initiatives will make a positive impact on improving the quality of life of the people of Ivory Coast.”

The joint venture was signed in the presence of Mr Monnet Emmanuel Leon, Minister of Mines and Energy of Ivory Coast; Mr Momy Guei, Chairman of SODEMI; Mr Jean Likane, Managing Director, SODEMI; Mr B Muthuraman; Mr A D Baijal, Vice-President (Global Mineral Resources) Tata Steel, and other officials of the Government of Ivory Coast.

The project will be implemented by a joint venture company, in which Tata Steel will have a major shareholding.

Mr Leon said, “Ivory Coast is very happy to have identified Tata Steel as its partner for this mega project in iron ore. It is a very major step towards development of the country and will improve lives of people in many ways. We are quite convinced that Tatas have the technical and financial capability along with the experience to undertake this project to its successful implementation.”

Mr Jean Likane said “Together with Tata Steel, we are writing a new chapter in the history of Ivory Coast today.”