[miningmx.com] – RUSSIAN steelmaker Severstal was seeking a joint venture partner to help it develop the $3.5bn Liberian iron ore deposit, Putu, which it bought from Afferro Mining for $122m in 2012, said Reuters.
“In the current market situation, we consider Putu to go into production only in tandem with a partner with whom we can split investments and co-mitigate the risks associated with such a large development,” said Severstal spokeswoman Anastasia Mishanina in an e-mail to Reuters.
Russia’s second-biggest steel producer owns 100% of the Putu project – a 13km long iron rich ridge around 130km inland from the coast in eastern Liberia. The deposit contains up to 4.4 billion tonnes in iron ore resources.
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