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Australia Stock Exchange-listed Tawana said that the discovery suggested the potential for a low capital project at low operating costs. The iron ore junior announced in July that prospective operating costs for the project were $30-35 per tonne fob.

Tawana's 100%-owned Mofe Creek project is located 20km from Liberia’s coast, close to the historic Bomi Hills iron ore deposit.

Liberia has once again become one of West Africa’s biggest iron ore exporters after a brutal civil war in the country halted production for more than 20 years.

Steelmaker ArcelorMittal started exporting iron ore from Yekepa along a 250km stretch of reconditioned rail line through the port of Buchanan, in 2011. The steelmaker plans to ramp up to 15 million tpy of iron ore exports from 2015.