Liberia is set to attract $3 billion (L$594.96 billion) in investments following the discovery of new mineral deposits, President Joseph Boakai has announced.
This breakthrough follows studies funded by China, which have revealed that Liberia, traditionally known for its iron ore and rubber production, also holds significant reserves of uranium, lithium, cobalt, manganese, and neodymium, according to Bloomberg.
The government is currently in discussions with both multinational corporations and local investors to begin mining these newly identified resources. In addition to boosting the mining industry, the investments are expected to channel capital into related sectors such as energy, infrastructure, and technology.
President Boakai projected that these investments would contribute to Liberia’s economic expansion, with GDP growth expected to reach 5.8% in 2025, up from an estimated 5.1% in 2024. Meanwhile, inflation, which the central bank expects to peak at 12.3% by the end of March, is forecasted to decline to 6% by the end of 2025.
According to World Bank data, this accelerated economic growth could help lower Liberia’s poverty rate, which was recorded at 31% in 2023, to 27.8% this year. The country remains one of the poorest in the world, and the anticipated investments could play a crucial role in improving living standards.
Mining companies such as Hummingbird Resources and Avesoro Resources have been actively involved in exploration and feasibility studies in Liberia since 2013. Avesoro Resources, through its subsidiary Bea Mountain Mining Company, has developed the New Liberty Gold Mine, which is regarded as Liberia’s first and largest commercial gold mining operation.
The Central Bank of Liberia reported a 49% increase in gold production in 2022, while diamond production saw a 12% decline. Additionally, ArcelorMittal reaffirmed its commitment to the country’s mining industry by signing an agreement in September 2021 to expand its operations in Liberia.
