China Union Officials Pay Courtesy Call On V.P Boakai

Thursday, 15th December 2011
The head of the Chinese investment delegation,  Wang Zhenyou shakes hands with Vice President Boakai.
The head of the Chinese investment delegation, Wang Zhenyou shakes hands with Vice President Boakai.
Photo Credit: Office of the Vice President

Monrovia, Liberia - Vice President Joseph N. Boakai Sr. says Liberia is pleased with the diplomatic ties subsisting between Liberia and the Peopleís Republic of China, and would opt for the further strengthening of these ties.

He said the decision by China Union to invest more than two billion dollars in the Liberian economy was a further manifestation of the confidence China has not only in the Liberian economy, but also the value China attaches to its ties with Liberia.

Vice President Boakai made the statement Wednesday, when a nine-man delegation from China Union and the Wuhan Iron Ore (Group) Company which are expected to operate the former Bong Mines company in lower Bong County, paid a courtesy call on him at his Capitol Building office.  The delegation was accompanied to the Vice Presidentís office by the Counselor and Attache of the Chinese Embassy in Monrovia.

Vice President Boakai observed that the investments of Chinese companies in Liberia are creating employment opportunities   and providing social funds that are helping to transform communities in these operational areas, and assured Chinese companies of the Liberian governmentís full protection and cooperation.

Briefing the Vice President earlier, an executive of the Wuhan Iron & Steel (Group) Company, Wang Zhenyou who is heading the delegation, said they were in the country to assess the status of the Bong Mines project.

He said from assessments conducted so far,  iron ore deposits in the former Bong Mines are not as close to the surface as expected, and that the company will have to dig further to reach these deposits. This, he said, means that the company will have to increase its investment in the Bong Mines project.

China Union signed a $2.6 billion investment agreement with the Liberian Government.

He said another challenge confronting the China Union project is that another company is still operating the railroad which should be exclusively at the disposal of China Union to enable it transport its ore to the Free Port of Monrovia for shipment.

Mr. Wang also said the company needs to pave the Kakata-- Bong Mines highway to ensure smooth operations.

He said during the first year of its operations, China Union will export one million tons of iron ore, and subsequently 10 million tons annually.