Monrovia, May 1, 2026 — Emerging details from official government correspondence have revealed a looming twist within the Putu Iron Ore Project with Panet One Natural Resources Holdings, coming on top as the favorite after being recommended by Severstal.
The twist follows concern over the financial and technical readiness of Africa Metallic Resources (AMR) to take over from Severstal Planet One Natural Resources Holdings.
Sources privy to this unfolding say the decision comes after months of negotiations, assessments, and discussions between Severstal, the current indirect controlling party of the Putu Iron Ore Project, and multiple potential investors, including AMR, Planet One, and Iron Ore Group Ltd.
Sources within the corridors of power say that the government’s decision also comes days after President Joseph Boakai suspended negotiations surrounding the Putu Iron Ore Project.
In a March 31, 2026, communication addressed to Mines and Energy Minister R. Matenokay Tingban, Severstal made clear that AMR failed to meet key financial and procedural benchmarks necessary for such a large-scale acquisition.
“AMR failed to provide the proof of funds requested by Severstal,” the company stated, noting that the firm merely indicated its intention to raise financing from third parties.
The letter further emphasized that “neither cash balance nor other balance sheet details of AMR and/or Conex Group were presented for Severstal’s analysis,” raising serious doubts about the company’s financial capacity to undertake the project.
Severstal stressed that proof of funds remains “one of the key elements of the envisaged transaction,” adding that “it is completely unclear whether AMR will be able to provide such proof.”
Beyond financial concerns, AMR’s technical preparedness and responsiveness during the due diligence phase also came under scrutiny.
According to Severstal, it took the company more than six weeks to review initial project data and submit follow-up questions, some of which had already been addressed in existing documentation.
“It took more than six weeks for AMR to analyze the initial data… which surprisingly still contained some questions already covered in the main data room,” the letter stated.
Even more concerning was the lack of progress on critical transaction documents. Severstal disclosed that despite sharing a draft Share Sale and Purchase Agreement (SPA) in late January 2026, AMR had yet to respond or provide feedback.
“It is totally unclear to us how AMR intends to finalize SPA negotiations by the end of April 2026,” the company noted.
These concerns were not new. In an earlier March 12, 2026, correspondence, Severstal had already warned the Government that AMR was “the least advanced potential transferee in terms of timing,” especially when compared to Planet One and Iron Ore Group.
The company reiterated that AMR remained at “an early stage of the acquisition process,” largely due to incomplete due diligence and the absence of financial backing.
Severstal also raised questions about AMR’s claims regarding progress with international regulatory processes. Specifically, the company challenged assertions that AMR had initiated procedures with the U.S. Office of Foreign Assets Control (OFAC).
“It is not clear to us how AMR could have initiated the OFAC licensing process without informing Severstal… neither such identification number nor any copies of documents… have been disclosed,” Severstal stated.
In contrast, Planet One emerged as a more advanced and credible candidate throughout the process. Severstal highlighted that those other bidders, including Planet One, had completed due diligence much earlier, positioning them significantly ahead in the transaction timeline.
“Planet One is currently far more advanced in terms of timing, which should be one of the key issues for the Government itself,” the company noted.
Severstal also reminded the Government of its formal application submitted on November 5, 2025, seeking consent for a change of control in favor of Planet One, urging swift consideration.
“Severstal respectfully calls on the Government to move swiftly to consider… consent to the Change of Control in favor of Planet One,” the letter emphasized.
The Putu Iron Ore Project, governed by a Mineral Development Agreement signed in 2010 between the Government of Liberia, Putu Iron Ore Mining Inc., and Mano River Iron Ore Ltd., represents a significant opportunity for economic growth, job creation, and infrastructure development in southeastern Liberia.
Government officials have consistently emphasized the importance of selecting a capable and credible investor who can deliver on both financial commitments and technical execution. The latest decision to approve the transfer of control to Planet One appears to reflect those priorities.
Severstal, for its part, reiterated its willingness to ensure a smooth and orderly transition, stating that it has “made several diligent attempts to find an acquirer… that would satisfy both the Government’s requirements and Severstal’s business interests.”
With the approval now granted, attention will shift to how quickly Planet One can finalize the acquisition and advance the long-stalled Putu project. For Liberia, the decision marks a critical step toward unlocking the potential of one of its key mineral assets, while reinforcing the Government’s stance on due diligence, transparency, and investor credibility.
