From the press and the media

Jacob Engel won a tender for iron ore mining worth NIS 100 million

30.01.2010 The Marker

Israeli businessman Jacob Engel has won the franchise for iron ore mining in Liberia worth billions of dollars. Elenilto, one of the companies in Engel´s group, will pay Liberia an advance amounting to NIS 100 million.

In addition, the company will transfer NIS 12 million to the government annually, an amount defined as a "social donation.”

In her annual speech before the Legislature this week, the Liberian president announced the granting of a 25-year license to Elenilto for one of the mining sites, which includes three mines with reserves of over 1.1 billion tons of iron ore. Two of the three have already undergone mining in the past by giant companies. Today, the price levels of iron stand at 120-130 dollars per ton, which puts the sales projection of the project at 85 billion dollars over 25 years, taking into account the fact that 65% iron can be produced from the reserves, estimated at 1.1 billion tons.” Vadim Sviderski

The Project in Liberia

Advance Payment: NIS 100 million
Number of Mines: 3
Franchise Period: 25 years
Mining Reserves: 101 billion tons of iron ore
Project sales over the next 25 years: 85 billion dollars
Royalties transferred each year to local government: NIS 12 million (social donation) and 21% of profits