ArcelorMittal will triple its iron ore production in Liberia to 15 million tonnes a year during a first phase of an expansion that will see it invest an additional $800 million in the country, Executive Chairman Lakshmi Mittal said on Friday.

He said the company was exploring the possibility of expanding production to as much as 30 million tonnes a year.

Mittal made the comments after the company signed an agreement with the Liberian government that commits ArcelorMittal to staying in Liberia for at least another 25 years.