IPNEWS: Mines and Energy Minister R. Matenokay Tingban on Tuesday defended the government’s renewal of the ArcelorMittal Liberia concession, calling the projected US$3.5 billion investment a transformative milestone for the country’s mining sector and a major boost for economic growth.
Speaking at the Ministry of Information’s regular press briefing after returning from the 2026 Mining Indaba Conference in Cape Town, South Africa, Tingban said the amended concession agreement, recently ratified by the Legislature, will significantly expand iron ore production, increase government revenue, and accelerate infrastructure development along Liberia’s key mining corridor.
“This is not just a contract; it is a catalyst for our economy,” Tingban said.
Under the amended agreement, ArcelorMittal’s operating term in Liberia will extend to 2050, with the company expected to invest an estimated US$3.5 billion in expanded mining operations and related infrastructure. The deal also includes an immediate US$200 million lump-sum payment to the Liberian government.
Tingban Stated that the expansion could raise Liberia’s iron ore exports from five million metric tons annually to about 20 million tons by 2026, with a longer-term production target of 30 million tons per year.
Investment Push
The minister said Liberia used the Mining Indaba conference, one of the world’s largest mining investment forums, to promote the country as an emerging destination for global mining capital.
According to Tingban, Liberia’s mineral resources continue to attract international interest, and the government is seeking new partnerships to increase investment and expand mineral processing capacity.
“The world is watching our progress with great interest,” he said, describing Liberia’s geology as “exceptionally promising.”
Tingban also disclosed that the government is exploring international partnerships with investors in India and Saudi Arabia, particularly around plans for a proposed gold refinery intended to support domestic mineral processing.
He said Liberia must move beyond exporting raw minerals and begin adding value domestically to increase economic returns.
“We must transition from relying solely on the export of raw, unprocessed minerals,” he said.
Rail Corridor and Economic Zone
Addressing concerns surrounding control of the Yekepa-to-Buchanan railway corridor, Tingban emphasized that the infrastructure remains the property of the Liberian government.
“The infrastructure that stretches from Yekepa to the Port of Buchanan belongs to the people of Liberia,” he said.
The government has designated the rail route as the Buchanan–Yekepa Economic Development Zone, which Tingban described as a strategic national asset intended to support expanded mining activity and broader industrial development.
Under the newly approved Rail Standard Operating Procedures, management of the railway is expected to transition to an independent rail operator by 2030, a move the government says will allow multiple mining companies to access the infrastructure.
Liberianization Commitments
Tingban said the amended agreement also includes commitments to expand Liberian participation in management positions within ArcelorMittal’s operations.
According to the minister, 50 percent of management roles are expected to be held by Liberians within one year, rising to 90 percent within ten years.
The agreement also provides for an annual US$5 million community development fund benefiting Nimba, Bong and Grand Bassa counties, along with plans to establish a vocational training center in Buchanan to develop technical skills in the mining workforce.
Illegal Mining Crackdown
The minister also warned operators engaged in illegal mining activities to remove their equipment from unauthorized sites.
“Remove your equipment immediately from illicit sites,” Tingban said.
He said the ministry will begin seizing machinery used in illegal mining operations and is working with security agencies to enforce mining regulations and combat mineral smuggling.
Energy Reforms
Beyond mining, Tingban highlighted broader reforms in Liberia’s energy sector, including amendments to the Electricity Law, the rollout of prepaid electricity meters in government institutions and the launch of Liberia’s first competitive solar energy auction.
According to the minister, the mining sector generated approximately US$182 million in government revenue in 2025, exceeding official projections.
Tingban said the government intends to use expanded mining investment and energy sector reforms to strengthen Liberia’s economic growth and infrastructure development.
“The time to change the game is now,” he said.
