Vedanta arm WCL to invest $2 bn for Liberia's socio-economic development

Vedanta Sesa Goa on Friday said that its arm Western Cluster Ltd (WCL) is planning to pump in $2 billion for the socio-economic development of Liberia, West Africa.

WCL is a wholly-owned arm of Bloom Fountain Ltd, which is a wholly-owned subsidiary of Vedanta Ltd.

"Western Cluster Ltd...a key player in Liberia's mining sector, is set to act as a catalyst to Liberia's growth trajectory charted by the new government as it plans to invest $2 billion to propel socio-economic development in the region," the company said in a statement.

WCL's ongoing initiatives include infrastructure development, community engagement, and generating employment opportunities for local communities.
 

Since its inception in 2011, WCL has invested over $300 million towards the socio-economic development of the region, which includes substantial contributions to community development funds and critical infrastructure projects.

"We...aim to act as a catalyst to unlock Liberia's economic potential and empower local communities through expansion of operation, thereby, generating numerous employment opportunities," Vedanta Sesa Goa Chief Executive Officer Navin Jaju said.

WCL brings over seven decades of iron ore mining experience and resources to Liberia's development.