Liberia Eyes $3 Billion in Mining Investments After Major Mineral Discovery

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.

    Sign up for the Nigerian Mining Weekly Newsletter
    Get the latest news from the Nigerian solid minerals and mining industry delivered to your inbox.

    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.

    Liberia Eyes $3 Billion in Mining Investments After Major Mineral Discovery

    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.

      Sign up for the Nigerian Mining Weekly Newsletter
      Get the latest news from the Nigerian solid minerals and mining industry delivered to your inbox.

      Leave a Reply

      Your email address will not be published. Required fields are marked *

      You May Also Like

      Illegal Mining, Kidnapping Are North’s Most Lucrative Businesses — Vatsa

      Jonathan Vatsa, a chieftain of the ruling All Progressives Congress (APC) in…

      Mining Governance in Nigeria: 2024 Insights

      The Nigerian mining sector has long been heralded as a cornerstone for…

      Mining Sector Shows Great Promise Despite Manufacturers Withdrawal  

      The manufacturing sector is showing a rapid decline as the latest Business…

      Riverbeds to Pegmatites: Key Components of Artisanal Mining in Nigeria

      Artisanal mining in Nigeria refers to small-scale, informal mining activities often carried…