Established in the late 1990’s Bea Mountain and the Government of Liberia entered into a Mineral Development Agreement (MDA) in 2001. For the next eight years, in the midst of the prevailing civil conflict, the Company continued its aggressive exploration until 2009 when it presented a Definitive Feasibility Study (DFS) and subsequently obtained a Class A Mining License. In 2013, the Company and the Government restated and amended the MDA of 2001, which allowed for proper capitalization of the Project and commencement of infrastructure construction and project development. In 2015, the Company conducted its first “Gold Pour” and commenced production.
All this was accomplished at a time of global crises that included depressed gold price and the EBOLA Pandemic that badly crippled West Africa, especially, Liberia, Guinea and Sierra Leone. The Company remained resolute to develop the Project and the Government was very supportive.
In 2016, the Company was acquired by the AVESORO RESOURCE a Turkish based entity owned by the MNG Group. This acquisition has seen the infusion of more than $200 million USD and led to the development of several other projects beyond the original flagship, NEW LIBERTY MINE.
In addition to the increase in revenue to the Government of Liberia, paid as taxes and royalty from the projects, the Company continues to be a strong development partner to the Government, especially in its communities of operation. In 2022, Memorandum of Understanding (MOUs) were signed with three Clans-Laah, Mana and Dablo-, and in 2023 with the Matambo Corridor, establishing Clan Development Funds for each clan and controlled by the people themselves.
Under the MOU’s, each Clan receives $150,000 annually for projects chosen by the communities. This direct engagement has proven very successful and productive. Several community projects have been started under the management and leadership of the people themselves and are being constructed by local contractors they choose, with technical and financial support from the Company.
It is worth noting that these Clan Development are NOT obligation of the Company’s. Similarly, the Company has supported the communities by expanding and maintaining many roads not directly related to its operations.
A few of the first set of Projects are listed below:
Laar Clan:
Beh-Gondor Clinic- 32,000USD
Jennemana Town Hall-20,000USD
Gold Camp Town Hall- 10,500USD
Mana Clan:
Tahn Health Facility- 51,525USD
Varguaye Health Facility- 51,525USD
Weajue Public School- 8,000USD
Darblo Clan:
Mbaloma Clinic Maternity Waiting Area- 48,515.94USD Mbaloma Clinic Staff Two Bedroom Residence- 29,585.30USD
Matambo Corridor:
Jene-Wonde Elementary & Junior High School Annex-29,595USD Sarnor Town Hall-13,871USD
Comments are closed.