Monrovia: Liberia to grant Chinese company permit to mine iron ore

Liberia is planning to approve a "Class A" mining license to Chinese company Bao Chico Resources Liberia Ltd to extract iron ore for 25 years.

Monrovia: Liberia to grant Chinese company permit to mine iron ore

This follows a communication from the presidency to Parliament on Wednesday, requesting for timely ratification of the Mineral Development Agreement.

The approval by Parliament, according to the president, will provide employment for Liberians, and revenues for the government, through payment of royalties, taxes and duties.

“Honorable Speaker, this Agreement aims at revitalizing our economy and is in support of the Government’s pro-poor agenda. I, therefore, trust that the Legislature will ratify it in a timely manner,” stated the presidency.

Accordingly, the agreement is also expected to provide an annual social contribution of $300,000, on the effective date of approval up to the fifth anniversary, and an annual social contribution of $500,000, from the sixth anniversary of the effective date until the end of the term.

However, members of parliament have held deliberation, and voted unanimously for the agreement to be scrutinized, and for subsequent ratification into law.