Liberia is counting on a wave of mining and energy agreements with multinational companies to unlock as much as $4.8 billion in fresh investment, as President Joseph Boakai seeks to accelerate growth in one of West Africa’s smallest economies.
- Key deals include mining projects by Ivanhoe Atlantic Inc. and ArcelorMittal SA, focusing on infrastructure and export capacity improvements.
- Liberia anticipates $4.8 billion in investments driven by agreements in mining and energy sectors.
- Major energy sector investments include petroleum agreements with TotalEnergies SE and Oranto Petroleum, targeting offshore block explorations.
- Liberia plans to reform concession frameworks to align resource use with public benefit.
Speaking during his State of the Nation address late Monday, Boakai said the planned inflows are expected to support economic growth, infrastructure development and job creation.
Mining deals to anchor investment inflows
The largest share of the expected investment, about $4 billion, is tied to mining and infrastructure agreements with US-based Ivanhoe Atlantic Inc. and Luxembourg-headquartered ArcelorMittal SA.
ArcelorMittal, Liberia’s biggest mining investor, operates an iron ore mine in Yekepa in the country’s north. Under its amended Mineral Development Agreement, the company plans to increase annual iron ore exports from about 8 million metric tons to nearly 20 million tons. The expansion is backed by a new concentrator at the Yekepa concession, alongside upgrades to rail and port infrastructure.
Ivanhoe Atlantic has also signed a railway access agreement allowing it to transport iron ore from neighboring Guinea through Liberian infrastructure, reinforcing Liberia’s role as a regional transit hub for mineral exports.
Oil exploration seen drawing $800 million
In the energy sector, Boakai said Liberia has signed eight new petroleum agreements; four with France’s TotalEnergies SE and four with Nigeria’s Oranto Petroleum, marking a renewed push to develop the country’s offshore hydrocarbon resources.
TotalEnergies has secured four offshore exploration permits covering Blocks LB-6, LB-11, LB-17 and LB-29 in Liberia’s offshore basins.
Meanwhile, the Oranto agreements cover offshore blocks LB-15, LB-16, LB-22 and LB-24 in the Liberian Basin and include a $12 million signature bonus, with planned investments of up to $200 million per block.
In addition, a major US oil company, though not yet a signed investor, has applied to pre-qualify for offshore blocks 15, 16, 22 and 24, indicating potential participation in future hydrocarbon licensing rounds.
Other major investors already active
Beyond the new agreements, several international companies already operate in Liberia’s resource and agribusiness sectors.
China Union runs the Bong iron ore mines, while Bea Mountain Mining, owned by Avesoro Holdings, operates one of the country’s largest gold projects.
Pasofino Gold, a Canadian junior miner, is advancing the Dugbe gold project in southern Liberia and is seeking financing to complete feasibility studies, an early sign of renewed international interest in the country’s gold sector
Firestone Liberia, a subsidiary of Bridgestone Corp., remains one of the country’s longest-standing foreign investors through its rubber plantations.
Government vows concession reforms
“The government has strategically leveraged opportunities to attract credible investments and responsibly exploit natural resources for the benefit of Liberians,” Boakai said.
He added that his administration is reviewing concession frameworks to address historical imbalances and ensure that natural resource development delivers lasting benefits for citizens.
