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Vale Comes to Agreement with Liberia on Infrastructure Development
08/24/2010 - VBG - Vale BSGR Ltd. entered into an agreement with the government of the Republic of Liberia, laying down the main terms and conditions to be included in a definitive agreement on an infrastructure project to be implemented by a Liberian subsidiary of Vale BSGR.
Vale announced that VBG - Vale BSGR Ltd., its joint venture with BSG Resources Ltd., entered into an agreement with the government of the Republic of Liberia, laying down the main terms and conditions to be included in a definitive agreement on an infrastructure project to be implemented by a Liberian subsidiary of Vale BSGR.
The project will principally comprise the development, financing, operation, maintenance, and use of a new railway and a new port. The main purpose will be to enable the transshipment through Liberia and export from Liberia of iron ore products originating in Guinea from Vale BSGR’s iron ore projects in the Simandou area.
The agreement encompasses the Government of Liberia’s undertaking to facilitate an agreement related to Vale BSGR's access to the existing railway and port infrastructure in Liberia until the new infrastructure is completed. It also covers the obligations that Vale BSGR will have to refurbish the Mount Coffee Power Plant, in Liberia.
The definitive agreement is still subject to usual approvals, including the ratification by the National Legislature of the Republic of Liberia.
