Multinational steelmaker ArcelorMittal has extended a long-term agreement with the government of Liberia on mining and shipping of minerals, the company said this Friday, bringing its total investments in the African country to $3.5 billion.

The parties extended the duration of the existing agreement until 2050, with an option to renew for a further 25 years, ArcelorMittal said, adding that it will pay the government $200 million for the extension of mining rights and reserved access to railroad capacity.

–Reuters–