Barely 24hrs following mounting concerns over the secrecy of Sunday’s meeting with high level HPX Country team and key government of Liberia Ministers over a purported concession deal, the U.S. Embassy near Monrovia has exposed details of the secret meeting as the ‘signing of a controversial $1.8 billion concession agreement between the Liberian government and U.S.-based Ivanhoe Atlantic.
In a statement from the U.S. Embassy, the Embassy hailed the agreement as a milestone in President Joseph Boakai’s push for infrastructure development and foreign investment. However, the deal is being considered controversial as officials of the National Investment Commission (NIC) earlier informed journalists that they had canceled the planned signing ceremony which was slated for Saturday., July 5, 2025.
The agreement, now grants Ivanhoe Atlantic control of the critical Yekepa-to-Buchanan railway, that is finalized under unusual circumstances.
Over the weekend, journalists were twice barred from witnessing the signing—first on Saturday, July 5, when reporters were turned away after hours of waiting, and again on Sunday, when officials claimed no ceremony would occur. Yet, sources confirm the deal was signed behind closed doors.
The lack of transparency has fueled public skepticism, particularly as the deal coincides with President Boakai’s upcoming high-profile engagement with U.S. President Donald Trump. Reports suggest U.S. State Department officials pressured Liberia to fast-track Ivanhoe’s access, sidelining ArcelorMittal, which has operated the rail for nearly two decades.
Ivanhoe Atlantic—a rebrand of High-Power Exploration (HPX) and majority-owned by Canadian mining magnate Robert Friedland—has faced scrutiny over its ties to Chinese firms. While the U.S. Embassy framed the deal as a shift “from aid to trade,” critics question why a company with minimal Liberian investment was prioritized over ArcelorMittal, which has poured billions into the country’s infrastructure.
ArcelorMittal another US. Link company has been championing the muti-user availability of the rails rather than a sole control which would cost its operations billions in royalties.
ArcelorMittal has unveiled its expansion plans to increased by 3.1 billion begining 2025.
