OAO Severstal, a leading Russian steelmaker, has announced that a Class A mining license for mining iron ore in the Putu Mountain Range has been granted to the Putu Iron Ore Mining Co Inc, which is a 100%-owned subsidiary of Severstal.

The licence was issued by the Government of Liberia through its Ministry of Lands, Mines and Energy and follows a feasibility study submitted on 31 March 2014.

"The issuance of the Class A mining licence...indicates that the company's feasibility study responded to the requirements outlined in the MDA (Mineral Development Agreement). We believe that it will further improve the investment perspective of the project," said Dmitry Sakhno, Severstal's project department director.