President Joseph Boakai, has issued a directive temporarily lifting moratorium on the export of Heavy Metal Sand (HMS).
This directive allows licensed HMS exporters, who had prepared shipments before the moratorium, a grace period of 60 days to export their already-packaged and prepared HMS.
This temporary measure, effective immediately, is designed to facilitate the clearing of stockpiled materials while ensuring that all future HMS exports comply with the updated regulations issued by the Ministry of Mines and Energy.
The new HMS regulations, recently reviewed and endorsed by the President, are a significant step toward improving the management and oversight of Liberia’s HMS industry. The regulations include two key provisions.
HMS mining licenses will be limited to a maximum of three operators to enhance oversight and ensure that government’s revenue collection is streamlined and effective.
Exporters will now be required to pay an increased royalty of 8%, up from 3%, upfront, reflecting the government’s commitment to ensuring the equitable distribution of natural resource revenues.
The Ministry of Mines and Energy, the Liberia Revenue Authority, and the Ministry of Finance and Development Planning (MFDP) have been tasked with ensuring full compliance with this directive.
President Boakai reaffirmed his Administration’s dedication to promoting sustainable and transparent resource management practices.
He stated, “These regulations are designed to strengthen our resource governance framework, ensuring that our natural resources contribute meaningfully to Liberia’s economic development and benefit all Liberians.”
