Historical Facts About LAMCO 672 
HISTORY   Lamco

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1953 The Liberian-American-Minerals Company was given a 70 year concession for ore exploration.
1954 A Swedish group of companies were contacted to explore the Putu Range.
1955 The Swedish group joined the exploration project as partners and the company was renamed Liberian-American-Swedish Minerals Company - LAMCO.
The Putu region was proven a disappointment and the Scottish Geologist, Sandy Clarke, was sent to explore mineral deposits in the Nimba area. At Christmas time this year he found evidence of huge iron ore deposits.
1956-1957 Intensive exploration work leading to a proved ore reserve of over 250 million tons high grade iron ore.
1958-1959 Planning, engineering and cost calculation leading to investment forecast at over $200M.
Intensive work to finance the project and ensure long term contracts for ore deliveries.
Bethlehem Steel acquired 20% of the project and guaranteed 25% of the financing and 25% of the sales. The remaining 75% is shared equally with the Government of Liberia and LAMCO.
1960-1963 Construction of the huge project including Nimba, Railroad, Harbor and Maintenance works in Nimba and Buchanan.
Building up the first areas of the communities of Yekepa and Buchanan. In April 1963 production commenced and on the 15th of November the LAMCO project was inaugurated by the late President William V.S. Tubman.
1967 An Ore Processing Plant and a Pellet Plant were constructed for $50M in order to improve the quality of the ore.
1973 Mining started at Mount Tokadeh at a limited production rate (3Mton crude ore).
1975 Exploration work at Gangra, Yuelliton and Beeton indicates considerable iron ore reserves.
1976 Engineering work commenced on a project to develop Tokadeh to a full scale mine with its own concentrating plant.