The government of Liberia is in talks with ArcelorMittal over the steelmaker's possible $800 million investment in the West African nation, Bloomberg News reported Jan. 26, citing Liberia's president, George Weah.

The investment would include the construction of a concentrator plant at ArcelorMittal's Yekepa iron ore mine. Discussions about amending an agreement to kick off the development have made "significant progress." The project would triple the amount of iron ore Liberia exports, the report said.

ArcelorMittal's expansion plans in Liberia include boosting its mine capacity to 15 million tons per year, constructing a new fixed ship loader at the Buchanan port and building a concentrator at the Yekepa concession to produce iron ore pellets, according to the company's website.

Bloomberg wrote ArcelorMittal started the expansion project in 2013 but postponed it after the Ebola crisis and then a collapse in iron ore prices. It was further derailed in 2019 when the government signed a concession deal with Bulgaria-based Prista Oil Holding EAD that forced ArcelorMittal to seek assurance that it would retain uninterrupted access to the area.

Weah also said that a feasibility study on a railway project that would allow neighboring Guinea to transport iron ore through Liberia from Niron Metals PLC's Zogota deposit has been concluded. The proposal is currently under review, the report said.