It is reported that Vedanta group company Sesa Goa received the Liberia government's approval for acquisition of 51% stake in a local iron ore company for USD 90 million.

A Sesa Goa official said that "The Legislature of Liberia has ratified the Mineral Development Agreement for the Western Cluster Project. Now, we can go ahead with our plan.”

The official said that Western Cluster would carry out development of the project as per the provisions of the MDA. Sesa Goa had earlier said it might start sending iron ore consignments from the company at Liberia by 2014.

Earlier this month, Sesa Goa had announced the deal pushing itself to become a significant player in the West African iron ore hub.

Located in western part of Liberia and spread over 270 sq km, Western Cluster has assets having long mine-life with an estimated reserve of over 1.05 billion tonne iron ore. The deposits are located close to the coast along Monrovia to Mano River.

(Sourced from profit.ndtv.com)