MONROVIA, LIBERIA – In a letter addressed to President Joseph Nyuma Boakai, the President and CEO of Ivanhoe Atlantic Inc., Bronwyn Barnes, has expressed dismay over what the company describes as a sudden and inconsistent shift in the Liberian government’s policy regarding the operation of the Yekepa-Buchanan railway. The communication, dated May 3, 2025, highlights a deepening frustration with delays and perceived breaches of commitment in ongoing negotiations with the Inter-Ministerial Concessions Committee (IMCC).
According to Barnes, Ivanhoe Atlantic Inc. received a letter from the National Investment Commission (NIC) on May 1, 2025, notifying the company that the Government of Liberia had decided to designate ArcelorMittal Liberia as the operator of the critical railway infrastructure. The decision contradicts the previously stated position of the Boakai administration, which had promised a multi-user rail system under independent operation. This commitment was most notably outlined in Executive Order No. 136, issued by President Boakai in October 2024.
“This position is fundamentally inconsistent with the commitments made by you,” Barnes wrote, referencing both formal declarations and verbal assurances given by the President to Ivanhoe executives over the past year. She underscored that Liberia’s promise to implement a state-owned, neutral, and independently operated railway regime was the foundation upon which Ivanhoe had entered the negotiation process.
The letter raises further concerns regarding the process by which the decision was made, noting that key ministers, specifically the Ministers of Mines, Justice and Finance, were reportedly absent from the IMCC meeting where this advisory position was formed. If true, Barnes argued, the move would be procedurally flawed and lack legitimacy under the IMCC’s own governance framework.
Beyond the procedural issues, Barnes accused the IMCC of effectively disregarding the President’s policy directive. “The IMCC has failed to act in alignment with your clear policy direction,” she lamented, emphasizing the erosion of government transparency and neutrality in a process that was supposed to reinforce investor confidence.
Compounding the company’s frustration is what it characterizes as a pattern of delays in finalizing the concession and rail access agreement. Ivanhoe submitted its proposal nearly a year ago, on May 31, 2024. Despite receiving personal commitments from President Boakai in January and again in March, when he met with Ivanhoe’s founder Robert Friedland, Barnes noted that no final agreement has yet been submitted to the Legislature.
The prolonged delays, she warned, have jeopardized not only Ivanhoe’s planned investments but also the viability of the broader Liberty Corridor project. This infrastructure initiative, intended to unlock mineral, agricultural, and industrial potential across Liberia, has attracted international interest, including from U.S.-based investors. Continued uncertainty, Barnes suggested, could result in a chilling effect on foreign investment at a time when Liberia is striving to rebuild trust and credibility on the international stage.
Barnes called on President Boakai to take immediate and decisive action by issuing a written directive to the IMCC and all stakeholders to honor the original commitment to an independent rail operator model. “Doing so will protect Liberia’s sovereign national interests while assuring the confidence and clarity required for Ivanhoe Atlantic and other investors to proceed,” she stated.
She framed the matter not merely as a business dispute, but as a test of Liberia’s ability to honor its own commitments and function within a rules-based investment environment. For a country still grappling with the legacies of war and corruption, the handling of this concession agreement could send a powerful message to the global investment community.
Barnes closed her letter with a plea for leadership and intervention, urging President Boakai to act in the interest of national development, foreign investor confidence, and Liberia’s long-term economic future. “Prompt and decisive action would send this powerful message: that Liberia remains committed to a rules-based investment environment,” she concluded.
