The Ebola epidemic in west Africa has led mining companies in the region to put expansion plans on hold, delaying the rollout of jobs meant for residents of the countries hardest hit by the virus.
ArcelorMittal has delayed a $1.7B expansion at its iron ore mine in Liberia,
Rio Tinto has stopped work on a $20B iron ore mine in Guinea, and Sierra Leone-focused
London Mining filed for bankruptcy last month after falling iron ore prices and Ebola concerns hampered its ability to attract financing.
It wasn’t supposed to be like this: Guinea holds two-thirds of the world’s bauxite reserves as well as massive iron ore deposits, while Liberia and Sierra Leone boast troves of diamonds, gold and iron ore.
AGO Price at posting:
21.5¢ Sentiment: None Disclosure: Not Held
RIO Price at posting:
$59.47 Sentiment: None Disclosure: Not Held
FMG Price at posting:
$2.97 Sentiment: Buy Disclosure: Held
