The Liberian Senate has amended the Mineral Development Agreement between the Government of Liberia and Bea Mountain Mining Corporation, an international company.
Senate Plenary took the decision on Wednesday, August 30, 2023, to pass into law the First Amendment to the Restated and Amended Agreement of BMMC based on recommendation by the Senate Joint Committee headed by the Committee on Mines, Energy, Natural Resources and Environment following a public hearing with sectorial agencies.
Under the new 25-year Agreement, BMMC is expected to make an additional investment of US$ 520 million. The Committee in its findings indicated that the First Amendment to the Restated MDA has an accumulative basic Community Development Fund, Clan Development Fund, 50 percent surface rental fees, five percent ownership of equity as well as more financial benefits to the affected communities.
It also stated that considering all of the taxes and levies mentioned in the First Amendment to the Restated Agreement, it is clear and obvious that the country will accrue immense financial dividends as compared to the Restated and Amended MDA of 2013.
At the same time, the Committee informed Plenary through its report that there would be increase of employment of Liberians from the current 3,500 in the Restated and Amended MDA to 4,000 in the First Amendment to the Restated MDA.
The Joint Committee also pointed out that the company, with respect to the First Amendment, will expand its operations from 485 sq/km to 537 sq. /km, thus resulting in an increase in the surfaced rental fees.
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The Committee on Mines, Energy and Natural Resources and Environment acknowledged that the passage and ratification by the Senate of the First Amendment to the Restated MDA is advisable.
The Joint Committee further resolved that the company must provide an additional One Hundred Thousand United States Dollars each to the four clans including Mana, Darblo, Seimavula, and Menmassa for development purposes through an MOU within six months after the ratification.
"In view of the foregoing, the Joint Committee wishes to recommend to the Plenary of the Liberian Senate for the ratification of the First Amendment to the Restated and Amended Mineral Development Agreement entered into and between the Government of the Republic of Liberia and the Bea Mountain Mining Corporation", it concluded.
Following the Senate's ratification, Plenary mandated the Secretary of the Liberian Senate to forward the instrument to the House of Representatives for concurrence amid report of brown envelopes changing hands.
