President Joseph Nyuma Boakai has signed a revised Third Mineral Development Agreement (MDA) with ArcelorMittal Liberia, obligating the company to pay a $200 million signature bonus and invest approximately $1.2 billion to expand its mining and processing operations. The agreement, signed Wednesday at the Executive Mansion, now proceeds to the National Legislature for ratification.
Under the revised agreement, ArcelorMittal will shift from exporting raw ore to producing processed iron ore in Liberia by building a modern concentrator plant in Yekepa. This change is expected to increase the value of Liberia's mineral exports and create new job opportunities for Liberians. Government officials say that the move toward adding value will help ensure that more economic benefits stay in the country rather than being earned overseas.
The agreement also includes significant upgrades to the Yekepa-Buchanan railway corridor and the Port of Buchanan. These upgrades aim to improve transportation efficiency, boost export capacity, and support broader economic activity related to the mining sector. Once the expansion is finished, ArcelorMittal is expected to produce about 15 million tons of processed iron ore annually, with a long-term goal of increasing output to as much as 30 million tons.
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The Executive states that thousands of jobs are expected during both the expansion and operational phases, along with technical training programs designed to prepare Liberians for specialized roles in the mining industry. Meanwhile, ArcelorMittal will continue its annual social development contributions to Nimba, Bong, and Grand Bassa Counties, with the government indicating that these contributions will increase under the new terms to better support local schools, health services, roads, and community development projects.
ArcelorMittal continues to be Liberia's top foreign investor, but earlier efforts to revise the MDA faced opposition, especially around control and access to essential transport infrastructure. Although the Boakai administration has praised the revised agreement as a move toward national economic growth, legislators are likely to examine provisions related to rail ownership, revenue-sharing transparency, and local benefits.
Once submitted, the Legislature will debate, amend if needed, and vote on ratification. If approved, the revised MDA would be one of the most significant foreign investment commitments under President Boakai and mark a shift toward greater industrialization in Liberia's mining sector.
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