Mineral Resources Survey Project Results Released -Minister Paye Says Mining Sector Underpins Growth Opportunity
MONROVIA – Mines and Energy Minister Wilmot Paye has predicted a new future for Liberia’s development agenda, stating that the mining sector presents a perfect opportunity for growth.
Speaking Friday, October 25, 2024 at program marking the official handover of Liberia’s Mineral Resources Survey project results, Minister Paye indicated that findings of the survey would propel the country for new heights and possibilities for future development.
The survey project results were presented through the cooperation between the Governments of the People’s Republic of China (PRC) and Liberia.
The project was implemented by the Wuhan Center, China Geological Survey (Wuhan CGS), Institute of Geophysical and Geochemical Exploration of Chinese Academy of Geological Sciences (IGGE), and China Academy of Aerospace Aerodynamics (CAAA).
“This should present us an opportunity for growth,” Paye further said. “This is a significant step to boost the sector.”
The survey, which followed the signing the of the project document in 2013, aims to determine the vast Liberia’s mineral resources potential, and it’s the first survey conducted after 50 years.
Minister Paye noted that the handover is a testament of the elevation of China-Liberia ties by President Joseph Nyuma Boakai.
“China has proven to be one of Liberia’s partners. It was our pledge to get Liberia’s geological information,” the Mines and Energy Minister asserted as he also lauded other partners including the United Kingdom, United States for their support over the years.
According to him, the survey will serve as a useful guide the country in setting aside protected areas.
At the same time, Vice President Jeremiah Kpan Koung underscored the mineral sector’s pivotal role in Liberia’s economy during a recent event at the Ministry of Mines and Energy.
The Vice President stressed that the sector not only contributes significantly to the nation’s GDP but is also the backbone of Liberia’s exports.
“With mineral resources contributing an impressive 52 percent to Liberia’s GDP and accounting for 93 percent of its exports, we must harness this potential for sustainable development,” he stated.
VP Koung’s remarks came during the official handover of results from the Liberia Mineral Resource Survey, an initiative spearheaded through a collaboration between the Government of Liberia and the People’s Republic of China.
This survey marks the first comprehensive assessment of Liberia’s mineral resources since the end of the civil war, showcasing a renewed commitment to the sector.
“This is a monumental step for Liberia,” VP Koung noted, pointing to the survey’s potential to shape the country’s future economic trajectory.
Liberia is blessed with a range of mineral resources, including gold, diamonds, and iron ore, which remain largely untapped.
The Vice President highlighted the country’s mineral wealth as an opportunity for significant economic growth.
“Our nation’s mineral wealth, if managed effectively, has the potential to transform Liberia and lift countless people out of poverty,” he remarked.
He emphasized that responsible exploration and extraction could maximize returns, providing jobs and infrastructure development.
VP Koung expressed the government’s gratitude to the People’s Republic of China for its continued support and collaboration.
The mineral survey, conducted by experts from both countries, is expected to provide Liberia with vital data to improve management and planning in the mineral sector.
VP Koung acknowledged China’s contribution as a testament to Liberia’s expanding partnerships and growing influence in the global mining industry.
The recent mineral resource survey is the first extensive assessment of Liberia’s mineral potential in decades.
VP Koung noted that previous studies were either incomplete or outdated, underscoring the importance of up-to-date data for investors and policymakers.
“For Liberia to thrive, we need current information that reflects our real potential,” he said, highlighting that the survey fills a longstanding gap in the sector’s knowledge base.
VP Koung emphasized that the survey would lay the foundation for a more stable economy. By pinpointing Liberia’s resources, the data could attract foreign investment and lead to a more regulated mining industry.
With clear insights into Liberia’s reserves, the government hopes to negotiate fairer deals and ensure that more profits remain within the country, supporting local communities and development.
During his speech, VP Koung also acknowledged the historical contributions of the United States and the United Kingdom in advancing Liberia’s mining sector.
He reminded attendees that these partnerships have paved the way for Liberia’s current progress and that international allies have long recognized the nation’s potential.
“We remember those who have helped us, and we hope to build on those foundations,” he said, highlighting Liberia’s global connections.
VP Koung expressed optimism that Liberia’s mineral resources would soon benefit Liberians more directly.
He asserted that local communities should be the primary beneficiaries of mining activities, suggesting the survey could facilitate policies ensuring this outcome.
VP Koung’s message was clear: Liberia should capitalize on its resources to foster economic independence and reduce reliance on foreign aid.
With the release of the mineral survey results, VP Koung extended an invitation to local and international investors.
He argued that the clarity provided by this new data could attract investors looking for new opportunities.
“Liberia is open for business, and we have the resources to back it up,” he said.
The Vice President sees the survey as a crucial tool to help attract credible investors who are interested in responsible mining practices.
The Vice President acknowledged the environmental impact of mining and promised that the government would take steps to ensure sustainable practices.
He called for responsible mining to protect Liberia’s rich biodiversity.
VP Koung mentioned that the survey data would also help create more environmentally conscious policies, addressing a longstanding concern among communities affected by mining operations.
Transparency was another key aspect VP Koung highlighted. He promised that the survey results would be used to bring more transparency to the mining sector, with clear guidelines and regulations.
“We want to ensure that the wealth from our resources benefits the people of Liberia, not just a few,” he affirmed.
By implementing transparent policies, the government aims to make the mining sector more accountable and fairer.
Ending his address, Koung called on Liberians to support the government’s efforts to develop the mining sector.
He reminded citizens that responsible management of mineral resources is essential for Liberia’s progress.
VP Koung’s message was a rallying cry for unity: “Together, we can make our mineral wealth a blessing for all.”
The Vice President left no doubt that Liberia’s mineral sector, with the right policies and partnerships, holds promise for a brighter future.
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