Investment News: Western Cluster To Invest 2bn

By Mark N. Mengonfia

Monrovia-, The President of the Republic of Liberia, Joseph Boakai, received in audience the Chief Executive Officer of Vedanta Sesa Goa, Navin Jaju, and Christopher Griffith, CEO of Base Metals, Vedanta.

Vedanta Sesa Goa is the parent company of Western Cluster Liberia.

Speaking to Executive Manson reporters after he and his team met with President Boakai, Mr. Jaju said during the meeting they reaffirmed their commitments to boost the economic revitalization and foster socioeconomic development in Liberia.

He said in the next five years, Western Clusters-Liberia intends to invest US$2 billion which will stimulate the economic revitalization of the country.

Aligning with President Boakai’s vision to revitalize the nation’s economy and combat challenges such as poverty and diseases, WCL CEO said they are committed to contributing to the key growth pillars outlined by the new government namely, macroeconomic stability and infrastructural development, health, sanitation, environment, climate change initiatives, human capacity development, governance and rule of law enhancement, women empowerment, youth, children and social protection initiatives.

Speaking after his meeting with President Boakai, Navin Jaju, Chief Executive Officer, Vedanta Sesa Goa, said, “I had an extremely fruitful discussion with His Excellency President Joseph Nyumah Boakai, and am grateful to him for his guidance and for his inspirational leadership in working jointly towards Liberia’s progress, prosperity and economic growth. We are committed to Liberia’s growth trajectory and aspirations of the Liberian people, aligning with President Boakai’s vision for sustainable growth through strategic partnerships and responsible operations.

He additionally said, “We are delighted to be a part of the socio-economic development of Western Liberia and going forward, we are on course for an investment of up to US$ 2 billion in WCL and aim to act as a catalyst to unlock Liberia’s economic potential and empower local communities through expansion of operation, thereby, generating numerous employment opportunities. We are there for the progress and prosperity of Liberia and will always keep the interests of Liberia foremost. I especially thank the communities for their support and am looking forward to continued support as well.”

He said since its inception in 2011, his institution has invested over US$300 million towards the socio-economic development of the region, which includes substantial contributions to community development funds and critical infrastructure projects.

When he was asked how his institution is going to implement the regulation as provided by the Ministry of Public Works, the CEO said, they have been in the sector for seven decades of iron ore mining experience and resources to Liberia’s development landscape and as such they will follow all laws in the sector. 

Vedanta Limited’s extensive portfolio and sustainable practices in mining and metals, renewable energy, and community engagement highlight its dedication to responsible business operations.  Its best-in-class mining practices and technology will transform the Liberian mining sector into one of the most sophisticated in Africa and globally. 

For this, WCL shall be supported by the employees and business partners from Liberia, whom WCL will be upskilling through technical and vocational training.

At the heart of WCL’s operations is a commitment to environmental stewardship and inclusive growth. Upholding Vedanta’s core values of Environmental, Social, and Governance (ESG) responsibility, WCL prioritizes community welfare, environmental conservation, and workplace safety and diversity. 

WCL has been contributing towards the Community Social Development Fund, implemented community welfare initiatives such as Construction of concrete bridges, repair of Handpumps and new handpumps, village road repairs, provision of fuel supply to ambulance for quick movement of patients and community engagement through various programs such as felicitating Liberian women under Iron Ladies Liberia campaign, clean up drives, educational initiatives etc.  

Going forward, the company will further invest towards the community health, education and sports, improving infrastructure, and other public services, thereby enhancing the quality of life for the Liberian people.

WCL reaffirmed its dedication toward working closely with local stakeholders to build a prosperous and sustainable future, progress, and prosperity for all.

Speaking earlier, Liberia’s Minister of State for Presidential Affairs, Sylvester Grigsby said during the meeting that President Boakai was frank about the wellbeing of Liberians.

He said the President emphasized the need to respect the investors and work closely with them, and at the same time, the investors shall in turn, respect the people of Liberia and their needs.

He indicated that with past experience with investments, which has resulted in people referring to Bomi Hills as ‘Bomi holes’ that the same mistake is not made.

Minister Grigsby said the President is concerned and wants Liberians to benefit from their resources being mined.

According to him, the President, during the meeting, reemphasized the need to review all concessions agreements, an exercise that is expected to benefit both the investors and the government and people of Liberia.