From the press and the media


Liberia: Elenilto's announcement
ELENILTO's Liberian subsidiary, Western Cluster Ltd, may triple its resource to over 3 billion tons of magnetite variety, up from the original estimations which were 1 billion tons.

Western Cluster Ltd is owned by Elenilto and Sesa Goa 49% and 51% respectively.
Elenilto was awarded the international competitive tender to develop the integrated world class iron ore asset in Liberia, the Western Cluster iron ore project which consists of three deposits, Bomi Hills, Bea Mountain and Mano River and to rehabilitate the infrastructure (railway and the piers in the port of Monrovia).

Elenilto joined as partners Vedanta Group's company Sesa Goa to develop the Western Cluster project last year. Sesa Goa is the largest iron ore producer in the private sector in India.
Western Cluster Ltd began its exploration operations during April this year, and has executed already an airborne survey and over 15,000 meters of drilling.

The exploration confirmed already the existence of many kilometers of prospective strike.
The investment in the project this year will be over 80 million dollars. The total capex of the project will be decided by the end of this year, and is expected to be much higher.

Shipping of the ore from Liberia is planned on the first quarter of 2014, with first phase target of annual production of 10 million tons, and in the second phase by 2016-2017 to ramp up to annual production of 30 million tons (following original estimation of 25 million tons).

Western Cluster Ltd and the Ministry of Public Works in Liberia have commenced the rehabilitation of the damaged Lofa bridge, financed by Western Cluster and with technical expertise, equipment and machinery provided by the Ministry. The rehabilitation works will be completed within one month. The financing of the rehabilitation of the bridge is in line with the company's social responsibility to the people of Liberia and those in Western Liberia in the concessions area.
The bridge allows residents and travelers to freely commute between Bomi, Gbarpolu and Grand Cape Mount Counties, after the bridge was closed on April.

Western Cluster has also signed the agreement with the NPA regarding the operations of 43 hectares in the port of Monrovia and the operations of the LMC and NIOC piers to export the iron ore.

Elenilto began this year to develop its Yomou-Zogota iron ore asset in Guinea Conakry, and following surveys executed it has identified promising strike length with potential to host over 1 billion tons of iron ore.
Recently Elenilto was awarded three iron ore licenses in Congo Brazzaville and shall begin exploration operations in the coming months, and is in advanced negotiations regarding two iron ore projects in Central and South America and other African Countries.