From the press and the media

Engel is in the run for an iron mining concession in Liberia for $1.6 Billion

Engel is in the run for an iron mining concession in Liberia for $1.6 Billion.

02.07.2009 The Marker

ELENILTO MINERALS & MINING of Jacob Engel´s private ENGELINVEST GROUP, is bidding in a huge government tender for a concession to extract three stratum and two quarries of iron ore, in west Liberia, at a total investment of $1.6 Billion – according to publications in the Liberian press and by Bloomberg.

Should Engel win the tender, he is expected to invest some 100-200 Million Dollars to be awarded the concessions and for ancillary expenses. The overall cost of development is estimated by the Liberian Government at approximately $1.6 Billion. Three other companies tendered besides ENGELINVEST: The American Capital Steel Global as well as Formento and Global Steel Holdings of India.

The mines span more than 55square-kilometers, and hold reserves of approx. 50 million tons of iron ore, representing potential profits of billions of dollars at today´s depressed market rates. ENGELINVEST´s Liberian activities are run by Amir Najami. Engel sold LAGNA HOLDINGS to Shaya Boymelgreen at the end of 2006, at the height of the market´s tide for 100 Million Dollars.