The Ivorian state mining company, Sodemi, Monday called for investors to help the country develop the iron and nickel deposits in the west of the country.

At a meeting of investors, state officials and mining companies, the Director General of Sodemi, Kadjo Kouame, called for help updating investment plans.

"We need to update our studies so that from 2014 we can start building the infrastructure", said Kouame.

Tata Steel Ltd. (500470.BY) is carrying out feasibility studies in the Mount Nimba region near the border with Guinea and Liberia after signing an exploration deal with Sodemi in 2007.

The key infrastructure project would be a 737 kilometer railway from the Mount Nimba region to the port of San Pedro, estimated to cost $1.8 billion.

Both ArcelorMittal (MT) and BHP Billiton Ltd. (BHP) are developing iron-ore ventures in the same region, respectively on the Liberia and Guinean sides of Ivory Coast's western border.

On the Ivorian side of the border, development has been delayed by security issues which provoked a civil conflict 2002-7.

"The only thing that has blocked investment has been the war, and now that's well and truly behind us, we're asking investors to help us exploit our resources," said Kouame.

Many investors are waiting for presidential elections to take place, currently planned for Oct 31.

Ivory Coast's economy is dependent on exports of agricultural crops like cocoa, rubber and palm oil.

The government has set itself the objective of raising mining activity to 10% of gross domestic product by 2020.

-By John James and Ousmane Attai, contributing to Dow Jones Newswires; +225 20221805 ; james_john@hotmail.com
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal