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Shandong to invest $700 million to expand mines in Sierra Leone

November 8, 2016 By Mohamed Massaquoi

Shandong Iron and Steel Group plans to expand its investment in Sierra Leone with US$700 million for the construction of processing plants, according to China Daily newspaper.

Chairman of the Chinese steel firm, Hou Jun, is reported to have made the announcement during a courtesy call on President Ernest Bai Koroma last Friday.

Hou is said to have assured President Koroma that the company’s goal in Sierra Leone was to work “closely with the government to scale up China-Sierra Leone economic cooperation.”

The company, he said, had committed US$700 million for the construction of processing plants so as to further expand its business in Sierra Leone.

President Koroma encouraged the Shandong Iron and Steel Group to scale up their activities through the injection of investment into its operations and promised continuous support from his government.

“We will continue to support the project because we believe it’s a win-win situation for both the company and Sierra Leone,” President Koroma is reported to have told Hou.

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