Elenilto to Provide US$80M to Bomi, Cape Mount, Gbarpolu

Elenilto Minerals and Mining Limited, a unit of Engelinvest based in Israel, which won the bid for the Western Cluster iron ore deposits in the Bomi, Gbarpolu and Grand Cape Mount Counties, says it will pay the total amount of over US$80 million for social developments within the three counties of the company’s project locations, and for scholarships and other contribution to the local community.

The company’s pledge is part of its corporate responsibilities to the peoples of western Liberia over the 25-year span of the project.

Elenilto as part of the ENGELINVEST is managing large scale exploration and mining operations (Gold, Copper, Iron Ore, Sand, Aggregates and others) mainly in Africa, Europe and Israel. The ENGELINVEST group is also developing large scale commercial and residential real estate projects. The group’s mining and real estate value is 15Billion US Dollars.

The company has wide experience and management in exploring large green fields, preparing feasibility studies, establishing plants and the needed equipment and running the mining operations around the world. ENGELINVEST is the biggest sand supplier to the concrete industries in Israel enjoying wide experience and high reputation in the market.

The Western Cluster Iron Ore Deposits is situated in Western Liberia, and composed of several deposits covering 270 sq km with deposits presented by the government of over 1.05 Billion tons of iron ore.

The concessions consists of: The Mano River Iron Ore Deposits (former National Iron Ore Company: NIOC); The Western portion of the Bomi Hills Iron Ore Deposits (former Liberia Mining Company: LMC); and The Bea Mountain Iron Ore Deposits (unexploited).

The Mano River – total area of 63.06 sq km occur in a series of mountains approximately with 16 km in length along the Mano River about 140 km NW of Monrovia. The estimated reserves by the government were over 80 MT with 51.4%Fe.

The Bomi Hills – total area of 114.42 sq km consist of a chain of mountains of approximately 18 km in total length. It is located in Bomi County, about 70 km NW of Monrovia. Current estimated reserves by the government of iron ore are about 50 MT at a cut-off grade of 68% Fe.

The Bea Mountains – total area of 93.1 sq km stretch of several hills of approximately 22 km overall length at 100 km NW of Monrovia. The inferred / indicated reserves by the government are about 923 MT with average 37% Fe (weathered 32 MT, weathered and semi-weathered 91 MT, un-weathered (taconite) 800 MT)