The Government of Liberia and the West Africa Exploration/Sable Mining Company today, Friday, January 23, signed a 25-year Infrastructure Development Agreement valued at US$1.3 billion for the transshipment of Guinean-based ore through Liberia.
The ceremony which took place at the headquarters of the National Investment Commission (NIC) brought together executives of the Company and officials of the Liberian government.
The Executive Director of the National Investment Commission George Gyude Wisner signed on behalf of the Liberian Government, and said the signing of this contract serves as a millstone to the growth and development of the Liberian economy.
In this contract signed by both, Sable Mining will invest US$300 million in the first five years of its initial program, and the remaining US$1 billion in the remaining years of its operation in the country.
The signing of this contract will afford the West Africa Exploration to commence its operations in later this year, 2015.
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.
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.