National Investment Commission Executive Director George Gyude Wisner
Gov’t, Sable Mining To Sign US$1.3bn Ore Shipment Contract
By Prince Nagbe/LINA
MONROVIA, January 22 (LINA) – The Liberia Government will Friday, January 23, sign a 25-year Infrastructure Development Agreement with the West Africa Exploration/Sable Mining company valued at US$1.3 billion for the transshipment of Guinean-based ore through Liberia.
Making the disclosure at the Ministry of Information regular press briefing in Monrovia on Thursday, National Investment Commission Executive Director George Gyude Wisner said Sable Mining will invest US$300 million in the first five years of its initial program.
Wisner said the company will invest the remaining US$1 billion in the remaining years of its operation in the country, adding: “When the agreement is finally concluded by the National Legislature, West Africa Exploration SA will commence operations in latter 2015.”
The NIC official noted that the agreement will serve as a boost to Liberia as the company will rehabilitate and expand the existing rail corridor from Yekepa to the Port of Buchana in line with the Third Party Access rights between the government and Arcelor Mittal.
He said Sable Mining will also construct a new railway line from Guinea via Tokadeh to Yekepa to link with the existing railway in Yekepa and pay a signature fee of US$250,000 when the agreement is finally ratified and printed into handbill.