The government of Liberia, through the Executive Branch, has announced that the Liberian government has initiated process of terminating the Mineral development Agreement (MDA) signed between the government of Liberia and Severstal, a Russian-affiliated company, to reclaim ownership of the Putu mountain in Grand Gedeh, which is valued at about US$12 billion.
Putu Mountain comprises a significant iron ore resource area, particularly known for the Putu mine, which holds one of the largest iron ore reserves in the world, estimated at 4.5 billion tons of ore, with a 34.1% grade of iron metal.
The revelation on the reclaiming of the putu for subsequent update of the mountain was made by Deputy Minister of Justice for Economic Affairs, Cllr. Charles Karmo; the chairman of the National Investment Commission (NIC), Mr. Jeff Blibo and the minister of lands, mines and Energy, Mr. Wilmot Paye.
The trio made the announcement the announcement early this week during the House of Representatives’ session at the Executive pavilion in response to the communication from Grand Gedeh’s District #1 Representative, Jeremiah Sokan, on the status of the iron ore asset.
Meanwhile, the House’s plenary voted for the trio to update the Committee on Investment per the ongoing process to reclaim the mountain from the Russians, for a subsequent update to the full plenary.
