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Liberia Mining sector is   a potential engine for economic growth

 

Liberia has a rich endowment of potential   mineral resources which need to be capitalize to create wealth and grow a healthy microeconomic.

According to the world bank Liberia country report   released in  October this year, economist  indicated that  Liberia mining sector grow  by 7%, as compared to the non-mining sector such as agriculture and manufacturing  which declined by 3-4%.

This revelation   by the world bank Liberia   signified that the Mining sector of Liberia has the overwarming potential to be an engine of economic growth.

In buttressed of the world bank  report the minister of Mines and energy  Gusler murry  commended the world bank team in Liberia for  appreciating t he  efforts  of the Government  “ adding  the report  clearly signified a  key strategy of the weah led government  in which  the  mining sector is being used to generate more  revenue to stimulate growth.

Minister Murry  indicated that since the sitting of the Weah led Government in January  2018, the ministry of mine and energy along with other stakeholders  institutions has exerted  much efforts  aimed at reopening of  derelict  iron  ore mines as well bring into operation new ones.

He noted that  falling prices of  iron ore  in the last several years in the global commodities market are invariably linked to the accelerated  development  of iron ore projects.

Murry  who made   the statement recently  at the official commencement of a  three days   semica Liberia  mining, Energy and Exhibition  Conference said the forecast  by some analysts  that the global  iron ore product is expected  to grow by 0.9% annually until 2028,  also offers a glimmer of  hope for the  Liberian iron ore industry and as well a promising news for  Euronomba and others mining projects nearby Guinea that are seeking transshipment and export mining  projects using the Liberian  rail and port facilities.

 

It can be  recalled Recently in October 2019  the government of Liberia and guinea signed a implementation Agreement  for the share use of resources and infrastructure between the two Countries.

Currently  only Arcelor Mitta which has  its operation in NORTHERN region  of Liberia  Is mining and exporting iron ore on a relative low scale adding” there is  hope that other  Companies including  Putu, China union, Western Cluster, Wologizi, Tawana, Bomi  East ETC. wil also start operations.

The is no dough  that Liberia is currently suffering from the Dutch  disease due to  its over  dependence on iron ore  as its main source of  exports earning for decades running, but  for now Liberia Is shifting  the paradigm by diversifying more into gold, Diamond, AND NON TRADITIONAL Minerals such as coltan, lithium, Graphite, Bauxite, Barite, Phosphates Metals and several others.

Giving the potential of  Liberia Murry told participant at the Semica Lberia conference that Liberia look forward to more exploration companies taking up ground to assess the potentials  of Liberia minerals, adding there are two industrial gold  mines located in  the central and western region in the country  with a third due to come on the stream in the southeastern region, gold and Diamond mining operation it currently taking place  in all of the 15 counties”

 

 

 

 

 

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