The Liberian government is moving to reclaim Putu Mountain from Russian investors, terminating the MDA with Severstal. This area is known for its significant iron ore reserves, valued at US$12 billion. Officials announced this decision during a session with House representatives, reflecting the government’s commitment to overseeing natural resources. Updates on the process were requested by the legislature to ensure transparency.
The Liberian government has announced plans to reclaim ownership of Putu Mountain from Russian investors by terminating the Mineral Development Agreement (MDA) with Severstal, a Russian-affiliated company. This mountain is significant due to its estimated iron ore reserves worth around US$12 billion and holding approximately 4.5 billion tons of ore at a 34.1% grade of iron metal. This decision aims to restore control over vital natural resources to benefit the national economy.
Deputy Minister of Justice for Economic Affairs, Cllr. Charles Karmo, alongside officials from the National Investment Commission and the Ministry of Lands, Mines, and Energy, made the disclosure. This announcement was made during a recent session of the House of Representatives, reacting to inquiries made by District 1 Representative, Jeremiah Sokan, regarding the status of the iron ore asset.
The plenary session of the House voted for these officials to provide updates to the Committee on Investment regarding the process of reclaiming Putu Mountain. This step reflects the government’s commitment to further oversight of significant mineral resources and transparent communication with legislative bodies about the ongoing reclamation efforts.
By reclaiming Putu Mountain, Liberia seeks to enhance its mineral sector governance, aiming to capitalize on its resources for holistic economic growth. The outcome of this initiative could potentially lead to investments in local infrastructure and community development linked to the mining sector, ensuring that the benefits of these resources are shared responsibly.
In summary, the Liberian government’s initiative to reclaim Putu Mountain reflects a strategic move to enhance control over its natural resources. The successful execution of this process, which involves terminating the existing MDA with Severstal, could lead to significant economic benefits and improved governance in the mining sector.
Original Source: www.liberianobserver.com
