BACKGROUND TO LIBERIAN IRON ORE

While LIO has not been long established it is Directed and Managed by people with extensive and long international experience and proven track records in:

  • Developing and operating mining businesses, both in Africa and in iron ore.

  • Selecting and applying the world’s best available technical resources.

  • Scoping and implementing optimization studies and project development plans.

  • Working with lenders and investors in the major capital markets and securing finance in these markets.

  • Investment and participation in the Liberian resources industry.

In addition, LIO and its associates have:

  • A demonstrated commitment to the re-development of Liberia generally, and a particular interest in advancing this development in a manner that is appropriate to the needs and developing capabilities of Liberia.

  • A keen interest in developing this resource, having taken an active interest in the Western Iron Ore Cluster for well over a year

Through its exclusive association with Earthcons, Sinclair Knight Merz and Ralph Morris & Associates (well proven experts in their respective fields - see section 2d for more detail), LIO is able to access the very best available technical and managerial experience that will assist it in bringing the operations into production quickly and effectively - and in a manner appropriate to the contemporary Liberian context.

Hummingbird ResourcesEquatorial BioFuels Link nterest in the Western Iron Ore Cluster arose from the earlier work done in Liberia by Hummingbird Resources and Equatorial Biofuels when it became evident to their directors that the resources sector in Liberia presents many varied opportunities for commercial activity that would also add to the social improvement being undertaken by the country. In the case of iron ore, it was realised that the initiative instigated by government to package up a group of assets in the North West provided the potential for a commercially viable operation, albeit one that required a high level of focus for it to be successful as this cluster is unlikely to offer the maxi scale project sought by the majors. In addition, there is no doubt that taconite ore bodies (like Bea Mountain) are a challenge to develop to a marketable product.

Thus, LIO was formed to provide a company that would be configured and managed in such a way as to be most appropriate to the nature and scale of the iron ore resources in this region - as a single purpose company.

As such LIO is flexible and able to consider and accommodate a range of options and alternatives for its development and operation - and could readily consider the later addition of associates or shareholders to suit special needs (e.g. Liberian interests, off-take partners etc). In addition, LIO will have the flexibility to work with other companies with interests in resources in the region and with international or national agencies involved in the development or improvement of the region’s infrastructure.