IPNEWS: Amid calls by locals and other Liberians for the privatization of Liberia’s minerals into production sharing to yield much more benefits for the country, the Boakai Government following the review of previous call for a 30% mineral production sharing arrangement in Liberia’s gold and other minerals, by finalizing a 40% fee structure that would see an significantly increase in revenue generation for the government.
This new fee structure according to experts, rather than a percentage-based share, aims to boost government revenue and participation of Liberian businesses in the mineral sector.
The Ministry of Mines and Energy introduced a new fee structure for various licenses and permits related to mineral extraction, include increased costs for Class A diamond mining licenses (from $35,000 to $500,000) and new dealer/export license fees for gold ($5,000).
This new structure is projected to generate significantly more annual revenue for the government by prioritizing Liberian-owned companies and businesses to encourage local participation in the mining sector.
The Liberian Chamber of Mines recently welcomed proposed mining law reforms , designed to create more jobs, improve infrastructure, and attract investment.
Grand Bassa County Senator Gbazohngar Findley previously called for a 30% mineral production sharing amendment to the revenue code.
