“This undermines and creates uncertainty regarding the security and tenures of Arcelor Mittal in business and future investment,” it added. The letter also indicates that recently, representatives of Prista Port approached Arcelor Mittal in London and said that their concession would come into effect and would eventually replace Arcelor Mittal as a concessionaire. Arcelor Mittal began shipping ore in 2011, under a Mineral Development Agreement (MDA) that authorizeS it (Mittal) to use all facilities left by LAMCO, including the estates in both Yekepa and Buchanan. The railroad and the Port of Buchanan were left to be rented by Arcelor Mittal. Besides the 4% royalty that goes to the Government of Liberia, Arcelor Mittal is under obligation to provide US$3 million annually for social development to Nimba, Bong and Grand Bassa Counties within the 25-year operational period.

Source: Daily Observer December 19, 2019 02:26 UTC