The House of Representatives’ decision to ratify the revised ArcelorMittal Liberia (AML) Mineral Development Agreement (MDA) has met commendations since the pronouncement was made last week.
Among those applauding the House of Representatives of Liberia’s decision to protect multi-user access to the Yekepa-Buchanan infrastructure corridor was the HPX and Ivanhoe Liberia which noted that the significant expansion of the infrastructure linked to the Nimba Iron Ore project will in itself transform the Yekepa-Buchanan railway and port into one of the largest infrastructure corridors in West Africa.
HPX and Ivanhoe Liberia welcomed the lawmakers’ decision to strip out provisions that would have granted AML a “complete monopoly” over the Yekepa-Buchanan railway and port and expressed that if concurred by the Senate, it will ensure that the AML project goes forward, while protecting multi-user access for all stakeholders to this key infrastructure corridor, as per recommendations by the House’s Joint Committee on Investment, Judiciary, Lands, Mines & Energy; and Ways, Means & Finance.
According to HPX and Ivanhoe Liberia, this will effectively ensure fair multi-user access to the Yekepa-Buchanan infrastructure corridor for all potential users, including local passengers and businesses, and stimulate significant investment and economic activity.
HPX and Ivanhoe Liberia said they are pleased that these decisions will enable them to proceed with their Nimba Iron Ore project which will include significant Liberian components indicating in its press release on November 11, 2021, the company announced the results of their extensive pre-feasibility study.
“Their project will generate an additional US$600 million in direct investment into Liberia, create upwards of 500 permanent jobs in construction and operations and provide unspecified amounts in third party service related contracts with local companies,” the company expressed.
“Additionally, the use of this infrastructure by Ivanhoe Liberia will generate substantial income for the Liberian treasury through transit fees,” the company stressed adding that HPX and Ivanhoe Liberia now look forward to working with the government of Liberia, AML and all relevant stakeholders to finalize terms for fair multi-user access to this railway to maximize the social and economic benefit for the people of Liberia.
The Chairperson of Ivanhoe Liberia, Guy de Selliers said, “I am very encouraged by the decisions made by the Joint Committee of the House. There is no doubt that the best outcome for Liberia is to have both major projects implemented concurrently.”