MONROVIA, Dec 28: The world’s largest steelmaker, Arcelor Mittal, signed an iron ore mining contract with Liberia on Thursday that promises to pour more than $1 billion in investment into the war-ravaged state.

“This is a landmark project for both Liberia and for Mittal Steel,” said the head of the steelmaker's Liberian operations, Joseph Mathews, before the signing ceremony.

The agreement is a revised version of an August 2005 deal which was rejected as unfair by Liberian President Ellen Johnson Sirleaf when she was elected five months later.

On the Liberian side, the deal -- which will generate more than 20,000 jobs once the mining operation is fully operational -- was signed by the minister responsible for energy and mines, Eugene Shannon, as well Justice Minister Johnson Morris and Finance Minister Antoinette Sayeh.—AFP