Besides show casing Liberia’s Mr. Kamara disclosed that the delegation met with some potential investors and encouraged them to come to invest in Liberia, mainly in the mining sector thru the Liberia Chamber of Mines.
The Liberia Chamber of Mines is a consortium of miming companies, businesses directly linked to the industry and its Members investing millions dollars in the country economy; established with the main objective to strengthen the role of sector actors in advancing the Mining Industry of the Republic of Liberia, and complimenting the Government of Liberia(GoL) efforts in achieving its developmental goals.
In a statement delivered at the forum, Mr. KAMARA told the well-attended gathering that Liberia is not only Endowed with abundant of natural resources but it is clear that the country itself is fast becoming a new destination for gold in West Africa as evidenced by an increase in gold exploration, gold mining, and semi industrial gold mining activities around the country.
However, Mr. KAMARA pointed out that there are a number of operators in Liberia who are leading efforts in making Liberia the new gold destination.
Among the operators, he named the New Liberty Gold Mine in south West Liberia, owned and operated by Avesoro Resources (a subsidiary of MNG Gold) , and the Kokoya Gold Mine, central Liberia, operated by MNG in its own right.
“The New Liberty Gold Mine has a total of 1.33 million ounces of gold (2018 Probable and Proven Reserves) at a grade of 2.6 g/t Au while MNG’s Kokoya Gold Mine has a 2018 NI 43-101 compliant resource estimate of 0.41 million ounces of gold at an average grade of 2.6g/t Au) and have been in production since 2015. Also, ASX listed, Australian based company, Tietto Minerals Ltd, have started drilling on their two Liberian projects and are a recognized as successful gold license holder in Liberia. Hummingbird’s Dugbe Gold Project, under JV to TSX-V listed Pasofino, is currently at the Feasibility Study phase and has a mineral resource estimate for both the Dugbe F and Tuzon deposits of 75.2 Mt grading at 1.37 g/t Au containing 3.31 Moz gold,” he stated.
The President of the Liberia Chamber of Mines mentioned that an open pittable resources include 57Mt material, grading at 1.58 g/t Au with 2.88 Moz gold.
Looking back in time, the Ministry of Mines and Energy has referenced Liberia’s 14 year of civil unrest as being one of the major factors leading to limited investment in the country thus constraining income and livelihoods of many within the population, especially the war affected youth in rural areas. This has also economically deprived young people in urban settlements who have been pressured to migrate back to rural areas in search of an income and livelihood,” the President of the Liberia Chamber of Mines further mentioned.
Mr. KAMARA, who quoted Robert Friedland as saying, “ The World Economy cannot change unless we develop a lot more mines,” informed the forum and the Networking events, that the artisanal mining sector (ASM) of Liberia has attracted both local and foreign miners owing to the limited barriers to entry in this sector, including limited expertise, equipment utilized and the income and livelihood that this informal sector offers.
“Even though there seem to be challenges in the mining sector, presently, the prospect of gold discovery and mining is at increasing significantly, encouraging more foreign investment in the sector, leading to the creation of more jobs with companies and for local geologists to contributing to the development agenda of the country. One of the companies which is also doing well in the sector is HAMAK Gold Limited which was newly listed on the London Stock Exchange LSE in March 2022. HGL have Licenses are highly prospective gold mineral licenses (MELs). At the grass roots phase of exploration HGL have already announced positive exploration results from their Gozohn MEL. Increased formal and informal mining activity has resulted in growing annual gold Exports to over 7,000kgs in recent years and an increase in iron ores exports from 5mpta to 7mpta per year,” Mr. KAMARA disclosed.
He said according to a 2021 article published by the International Trade Administration, Liberia has rich mineral deposits. Historically, mineral extraction – particularly of iron ore, gold, and diamonds – has been a leading export sector.
“The major minerals are exported mainly in raw or semi-finished forms. Manganese, bauxite, uranium, zinc, and lead deposits are also present. Diamond deposits, primarily exploited via alluvial and artisanal diamond mining, are widespread throughout the country. The government issues Kimberly Process (KP) Origin Certificates, which enable the legal export of rough diamonds to other KP member countries. With the gradual recovery in global iron ore prices, iron ore production plays a significant role in the economy, accounting for more than 47 percent of total Export earnings in 2020,” the President of the Liberia Chamber added.