Led by Mansa Resources, the development of one of the country's largest unexploited gold deposits could mobilize $600 million in investments. At the Monrovia mining conference, the ambitions of this project illustrate the country's potential, but also the industrial and economic challenges it still faces.
Liberia intends to accelerate the development of its mineral resources. On 28 and 29 October, the International Conference on Mining and Energy (LIMEC), held near Monrovia, is expected to bring together government representatives, investors and industrialists to discuss the prospects for the development of the sector. In a country whose economy remains closely linked to the exploitation of iron ore and gold, several projects could contribute to a new wave of investment.
Among them, Dugbe occupies a special place. Located in the southeast of the country, about 70 kilometers from Greenville, this vast gold project has entered a new phase since its takeover by Mansa Resources, a mining group supported by American investor Orion Resource Partners. Last June, following a meeting with Liberian President Joseph Boakai, its leaders announced their intention to mobilize about $600 million over three years to support its development.
The announcement comes as the government seeks to attract more foreign capital while strengthening the local economic benefits of the extractive industry.
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Dugbe's interest lies first and foremost in its geological potential. Located in the Birimian belt, a geological formation that crosses several West African countries and is home to some of the continent's major gold deposits, the project is mainly based on two identified deposits: Dugbe F and Tuzon.
According to the feasibility study published in 2022, the measured and indicated mineral resources reached approximately 3.4 million ounces of gold, of which 2.76 million ounces were classified as mineable reserves. These estimates place Dugbe among the yet undeveloped gold projects of significant size in West Africa.
The industrial plan adopted at the time provided for open-pit mining, supplying a processing plant capable of absorbing five million tonnes of ore per year. Average production was estimated at some 172,000 ounces of gold per year over fourteen years, with a rate of close to 200,000 ounces in the first years.
These parameters, established on the basis of the economic and technical assumptions of 2022, must nevertheless be reassessed. The updating of the feasibility study is a decisive step before a possible final investment decision. In particular, it will have to specify the construction costs, the energy needs and the conditions for the profitability of the project.
Long in the development stage, Dugbe now benefits from a new shareholder configuration. The takeover of Pasofino Gold by Mansa Resources in 2026 is part of a broader movement to restructure the West African gold industry, where specialized investors are taking over assets that already have significant exploration work.
The project also enjoys the trust and support of leading investors, including Burkinabe billionaire Idrissa Nassa, through Nioko Resources, and the American fund Orion Resource Partners, who share the ambition to make Dugbe one of the major gold projects in West Africa.
At the head of Mansa Resources, Sébastien de Montessus, former head of Endeavour Mining, has experience in leading industrial gold projects in West Africa. The group intends to capitalize on this expertise and on the support of its financial partners to move Dugbe towards construction.
At the discussions in Monrovia in June, its leaders presented a $600 million investment program, including infrastructure, equipment, mobilization of subcontractors and development of local skills.
However, the transformation of this announced envelope into actual expenditure will depend on several parameters, starting with the technical validation of the project, the structuring of its financing and the completion of regulatory procedures.
Beyond the volume of capital envisaged, the issue is the ability to develop a competitive operation in a region that is still relatively far from the country's main industrial infrastructure.
For Liberia, the interest of the project goes beyond gold production. Dugbe could be an important hub of activity in Sinoe County, where industrial employment prospects remain limited.
Mansa Resources mentions the creation of several thousand direct and indirect jobs during construction and operation, particularly in transport, maintenance, catering and business services. In the long term, the mine's permanent workforce could approach a thousand employees.
The issue of local content is a central focus of the strategy presented by the group. The aim is to develop the skills necessary to operate a modern industrial operation, but also to gradually integrate more Liberian suppliers into supply chains.
This ambition is in line with the priorities set by the authorities. The program of the LIMEC conference devotes an entire session to the development of local companies, vocational training and technology transfer in the mining and energy sectors.
The challenge is considerable. Beyond the jobs generated during the work, a mine's sustainable contribution to the economy depends on its ability to train a skilled workforce and to promote the emergence of companies capable of meeting the requirements of large operators.
The completion of Dugbe will also require significant investments in infrastructure. The project includes the construction of crushing, crushing and ore processing facilities, as well as logistics facilities and road access.
The relative proximity of the port of Greenville is an asset, although the existing infrastructure will have to be adapted to the needs of an operation of this size.
Electricity supply is another major issue. Like many West African countries, Liberia must reconcile the increase in industrial demand with the limits of its network. Autonomous or hybrid production solutions, combining different energy sources, are now among the options being studied for mining projects far from major consumption centres.
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These issues are also at the heart of the Monrovia conference. The Liberian government has also begun discussions with the United States on a new cooperation programme on electricity infrastructure and mining governance.
Dugbe's development comes at a time of growth in the extractive sector. According to the World Bank, the Liberian economy grew by 5.1% in 2025, supported in particular by the rebound in mining activity. This dynamic reinforces the interest in projects that could increase domestic production and export earnings.
It also raises the question of how the benefits of this growth are distributed. Taxation, environmental protection, water resources management and the participation of local communities are all parameters that are now essential in the preparation of major investments.
For Dugbe, the next few months should allow the geological and financial outlook to be transformed into a precise industrial calendar. If the various milestones are completed, the project could become one of the country's major gold mines and help diversify a mining industry historically dominated by iron ore.
More broadly, its trajectory will say a lot about Liberia's ability to convert its mineral potential into sustainable productive investments, beyond the mere increase in its commodity exports.
