Liberia: AMR Advances Putu Iron Ore Project Towards Development

9 November 2026
Liberian Observer (Monrovia)

Monrovia — Africa Metallic Resources Inc. (AMR) has reached a significant milestone in its efforts to revitalize the Putu Iron Ore Mining Project following the execution of a binding Memorandum of Agreement (MoA) with the Government of Liberia, the execution of a definitive Share Purchase Agreement with Severstal, and the Government of Liberia's approval of the Change of Control in favor of AMR for the Project.

These developments represent significant steps towards reviving one of Liberia's most important mineral assets. AMR continues to work closely with Severstal, the Government of Liberia and other relevant stakeholders to advance the transaction and accelerate preparations for the development and operationalization of the Putu Iron Ore Project.

Africa Finance Corporation (AFC), a strategic partner of the U.S. International Development Finance Corporation (DFC), is AMR's strategic financial partner for the financing and development of the Putu Project, including the structuring and mobilization of capital required for its implementation. AMR is also working with its Technical Partners and Financial Advisors to advance project planning, engineering and infrastructure development preparations. The transaction has also progressed through the relevant United States regulatory process, including engagement with the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) concerning applicable sanctions requirements and approvals.

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As a Liberian-owned company, AMR considers this milestone an important demonstration of the Government of Liberia's commitment to promoting meaningful Liberian participation in the ownership and development of the country's natural resources. The Project is expected to attract substantial investment, create employment opportunities, stimulate local businesses, strengthen domestic capacity and contribute significantly to Liberia's economic growth and infrastructure development.

AMR expresses its appreciation to the Government of Liberia, Severstal and with the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) for their continued support, cooperation and commitment to advancing the Project. The Company remains dedicated to working collaboratively with the Government, Severstal, its Financial and Technical Partners, and other stakeholders to ensure the timely and responsible development of the Putu Iron Ore Project for the benefit of Liberia and its people.

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