"Good Journalism Makes Democracy Works"

Deputy Speaker Fonati Koffa Optimistic of Passage of Amended ArcelorMittal Liberia MDA; Describes ArcelorMittal as a major investor and key stakeholder in Liberia

14 1,022

Deputy House Speaker Fonati Koffa says the Third Amendment to the ArcelorMittal Liberia (AML) Mineral Development Agreement (MDA) will be ratified by the Legislature, describing the company as a major investor and stakeholder that has done more positive things in Liberia.
“Remember this…it’s a ‘catch twenty-two’ ArcelorMittal is a major investor in the country…a major stakeholder. If I were to rate them between the good and bad, they have done more positive things than negative.”
Deputy Speaker Koffa attributed the House of Representatives’ action on the Amended AML MDA to a slip by the Executive branch of government in the negotiation process.
Speaking during a live radio interview in Monrovia on Thursday, Hon. Koffa said it would be prudent had the executive, during the negotiation process focused on a performance audit of the AML’s current MDA, to ascertain the company’s level of compliance, amidst claims and counter claims by its stakeholders.
“What the House was looking for was the Executive to do a little more of accountability, giving the noise surrounding what Mittal has done or not done. When you give us that report, then, we will be able to put ourselves in a better position to explain to our citizens the process of the ratification and our mindset in ratification,” he added.
The Deputy Speaker however recognized ArcelorMittal Liberia’s contributions as a major investor and stakeholder to Liberia, adding that the company has done better for the country.
The ArcelorMittal Liberia’s third MDA amendment when ratified would see the company invest an additional amount of more than USD 1 billion, making it the largest Foreign Direct Investment under President Georg Weah’s administration.
The expansion project includes the construction of a new concentration plant and the substantial expansion of mining operations, with the first concentrate expected in late 2023, ramping up to 15 million tonnes per annum (mtpa) and expanding up to 30 mtpa.
The project will create at least 2,000 new jobs, mainly for young people in the next three years, and generate a massive increase in socio-economic benefits in taxes, county social development, and training of Liberians among others. Following the construction of the concentration additional 1,200 permanent new skilled positions would be created for Liberians.
Under the Amended Agreement, AML’s contribution in taxes and other payments will increase to more than US$75 million annually, while also increasing its annual support to the County Social Development Funds of Grand Bassa, Nimba, and Bong counties to US$3.5 million. 20 percent of that amount will be used to fund development projects in communities directly impacted by the company’s mining operations.
In September last year, the Government of Liberia and ArcelorMittal signed the landmark Third Amendment to the company’s Mineral Development Agreement, signaling the commencement of one of the largest mining projects in West Africa.
Commenting on the agreement, his Excellency George Manneh Weah, President of the Republic of Liberia, said:
“We are delighted to have reached this important agreement with ArcelorMittal Liberia, our long-term partner in the development of the mining sector in Liberia. This agreement demonstrates to the world that Liberia welcomes foreign direct investment and is a key emerging destination for capital. It further supports the Government’s ’Pro Poor’ agenda, which is underpinned by the importance of creating jobs to lift Liberian citizens out of poverty. The further investment by ArcelorMittal in Liberia bears testament to the company’s confidence in the future of this country. We are confident that our constructive working relationship will go from strength to strength.”
Lakshmi Mittal, Executive Chairman, ArcelorMittal, said:
“The expansion underlines ArcelorMittal’s long-term commitment to Liberia and the importance of a continued productive partnership with the government which helped bring this project to fruition. I would like to thank President Weah and his administration for their invaluable commitment and support which has been critical in enabling us to sign today’s agreement.
“The expansion of the mine, processing, rail, and port facilities is the largest iron ore project in West Africa and will draw international attention to Liberia as an attractive country to invest in. The current planned expansion is part of a long-term commitment by ArcelorMittal to Liberia that includes undertaking planning for the further expansion of our iron ore asset to at least 30mtpa.”
ArcelorMittal was the first and single largest postwar investor in Liberia, demonstrating the viability of the prosperous business in Liberia. Since then, the company has remained committed to Liberia, even through some of the most difficult moments like the global financial meltdown of 2008, the 2014 Ebola outbreak, COVID-19, and now.

14 Comments
  1. mp3 juice says

    There is certainly a great deal to find out about this issue. I really like all the points you’ve made.

  2. youtube downloader says

    An intriguing discussion is worth comment. I think that you should write more about this subject, it might not be a taboo subject but typically people do not discuss these topics. To the next! Best wishes.

  3. tubidy music says

    This is the right webpage for anyone who would like to find out about this topic. You know a whole lot its almost tough to argue with you (not that I personally will need to…HaHa). You definitely put a fresh spin on a topic which has been discussed for a long time. Wonderful stuff, just excellent.

  4. LinkedIN Scraping says

    I’m extremely impressed with your writing abilities and also with the structure for your blog. Is that this a paid subject matter or did you customize it your self? Anyway keep up the excellent high quality writing, it is rare to peer a nice blog like this one these days. I like democracywatchonline.com !

  5. Kiesha says

    I’m really impressed together with your writing abilities and also with the layout in your blog. Is that this a paid theme or did you modify it your self? Anyway keep up the nice quality writing, it’s rare to look a great blog like this one these days. I like democracywatchonline.com ! It’s my: Leonardo AI x Midjourney

  6. visite site says

    The very next time I read a blog, Hopefully it doesn’t disappoint me as much as this one. After all, I know it was my choice to read through, but I truly believed you’d have something helpful to talk about. All I hear is a bunch of whining about something that you could possibly fix if you weren’t too busy looking for attention.

  7. Maria says

    I’m really impressed with your writing talents and also with the layout to your weblog. Is this a paid topic or did you modify it your self? Anyway stay up the nice high quality writing, it is uncommon to look a nice weblog like this one nowadays. I like democracywatchonline.com ! It is my: Stan Store

  8. tubidy says

    I really like it when folks get together and share thoughts. Great site, keep it up!

  9. great site says

    The very next time I read a blog, I hope that it doesn’t fail me as much as this one. After all, I know it was my choice to read, however I genuinely believed you would have something interesting to say. All I hear is a bunch of crying about something that you could possibly fix if you were not too busy seeking attention.

  10. tiktok downloader says

    Oh my goodness! Amazing article dude! Thank you, However I am experiencing troubles with your RSS. I don’t know why I can’t join it. Is there anybody else getting similar RSS problems? Anybody who knows the solution can you kindly respond? Thanx!!

  11. tubidy.org says

    Saved as a favorite, I like your website!

  12. klinik kecantikan says

    Way cool! Some extremely valid points! I appreciate you penning this write-up plus the rest of the website is extremely good.

  13. tubidy mp3 mp4 download says

    Everyone loves it when folks come together and share opinions. Great website, keep it up!

  14. about his says

    Your style is unique in comparison to other folks I’ve read stuff from. Many thanks for posting when you’ve got the opportunity, Guess I will just book mark this site.

Leave A Reply

Your email address will not be published.