In a speech delivered at the official handover ceremony at the Ministry of Mines and Energy in Monrovia, former Minister, Wilmot Paye says some public officials have become agents of ArcelorMittal in its desperate efforts to hold Liberia hostage. Speaking on Friday, November 21, 2025, Paye pointed out that the move by ArcelorMittal is intended to frustrate and prevent other potential investors from the country, “as they have continually and successfully done in twenty years.”
Touching on the Concession and Access Agreement with Ivanhoe Atlantic, these were the words of the former Mines and energy Minister; “It is strange that instead of embracing competition in the Mining Industry, which is the only way Liberia can benefit from its vast mineral resources, some public officials and elements of the Liberian Media have sadly become agents of ArcelorMittal in its desperate efforts to hold the country hostage.”
He told a gathering of government officials and staff that the Yekepa-Buchanan Rail Corridor lies the biggest iron ore potential with 17 billion tons of Iron Ore, which a single company must never be allowed to control or possess for any reason, adding “At today’s price of US$104 per dry ton, that is a warping US$2.38tn of wealth sitting idle.”
Paye disclosed that review of the Mineral Development Agreement (MDA) using revised evaluation and monitoring matrix has commenced. Already, the Concession and Access Agreement (CAA) between the Liberian government and Ivanhoe Atlantic is gaining steam at the Legislature for enactment in the wake of completion of an Environmental and Social Impact Assessment (ESIA) in Guinea and Liberia.
The ESIA submissions for phase one of project development and mining at the Kon Kweni Iron Ore Mine in Guinea and related transport infrastructures and logistics in Liberia, have been submitted to relevant government authorities. The submission of the ESIA documents mark a significant milestone in Kon Kweni’s execution progress and follows a multi-year scoping process in compliance with International Finance Corporation and Equator Principle standards. The submissions also follow the signing of Ivanhoe Atlantic’s Concession and Access Agreement (CAA) for Liberian multi-user rail and port infrastructure.
Ivanhoe Atlantic Inc., a U.S. mining company, also submitted permit applications to the relevant authorities in both Guinea and Liberia, a step closer to commencing Kon Kweni construction activities in Q1 2026. “ESIA’s are undertaken to address the foreseeable effects and potential impacts resulting from project implementation and to identify mitigation measures to avoid, reduce and restore any potential impacts that may arise from the project’s development. The Guinea ESIA relates to Phase 1 mining activities (initial production of 2mtpa ramping up to 5mtpa) and the Liberian ESIA relates to the infrastructure component of its Phase 1 development,” Ivanhoe Atlantic confirmed in a statement.
The Environmental and Social Impact Assessments are the result of extensive multi-year social, biophysical and biodiversity baseline studies, together with environmental, social impact and community engagement. Moreover, the applications adhere to the standards of the International Finance Corporation and Equator Principles.
As a first in-a-generation cross-border project in the Mano River Union (MRU) – which includes Liberia, Guinea, Sierra Leone, and the Ivory Coast – Kon Kweni is poised to be a transformational and high impact investment that will generate long-term economic growth, infrastructure investment, and revenues for Liberia and Guinea, and foster further investment into the region.
Ivanhoe Atlantic President and CEO, Bronwyn Barnes said: “Ensuring the environmental surroundings alongside our operations remain places where families, businesses and wildlife can thrive is foundational to Ivanhoe Atlantic’s business principles. The completion of both Phase 1 ESIA submissions is a significant milestone as we near the commencement of construction for Kon Kweni. Congratulations to our in-country teams and assessment partners, for the significant commitment to ensuring this process was completed to worlds best practice standards.”
Barnes added that the development of Kon Kweni is a significant contributor to both Guinean and Liberian economies and will provide a new high grade iron ore export stream that is aligned with US critical mineral supply chains. “The ESIA applications reflect our strong commitment to sustainable and responsible development of mining projects and will ensure our future operations are carried out within a transparent, rigorous and sustainable environmental and social framework,” he noted.
The Ivanhoe Boss expressed delight that the working relationship with the Governments of Guinea and Liberia continues to strengthen, as does the collaboration with local communities and broader stakeholders; adding “We look forward to working closely with authorities and stakeholders during consultation to support the ESIA review processes”.
The CAA, which was signed on July 5, 2025, is expected to create more jobs for Liberians. In his communication to the Senate during the submission of the agreement, President Joseph N. Boakai said CAA represents a landmark development in the modernization of Liberia’s rail and port infrastructures and furthers the government’s strategic objective of fostering inclusive and sustainable mineral development.
He explained that the agreement is a twenty-five (25) year legal framework enabling the transport of Guinean iron ore through Liberian infrastructure, contingent upon requisite bilateral arrangements with the Republic of Guinea. The Liberian Leader then indicated that the concession agreement conforms to the government’s ARREST Agenda for Inclusive Development (AAID) and aligns with broader economic transformation priorities.
Boakai said key components of the agreement include Independent Rail Operator (IRO) Framework as well as the establishment of a legal basis for third-party access to rail and port infrastructure through a regulated IRO model. “Phase I Access: Ivanhoe Liberia Ltd. shall be granted rail access for up to five million metric tonnes per annum (5 mtpa) under ArcelorMittal Liberia’s Mineral Development Agreement (MDA). Phase II Expansion: Ivanhoe shall expand and develop new infrastructure to accommodate up to thirty million metric tonnes per annum (30 mtpa), subject to feasibility and regulatory approvals,” the President said.
According to him, an upfront payment of US$37 million has been paid by Ivanhoe Liberia Ltd. to the previous administration as consideration for development rights. President Boakai disclosed that subsequent payments of the concession agreement stipulates an initial payment of US$10 million upon legislative ratification, and a second payment of US$15 million upon the granting of physical access under Phase I. Under the Community Development Fund (CDF), Boakai told the lawmakers that Ivanhoe is obligated to contribute to the CDF for local infrastructure, education, and health initiatives stating that the agreement anticipates over 500 direct jobs during construction and an estimated 3,000 indirect jobs through domestic suppliers and service providers. The President believes that the Legislature will ratify the agreement, which he said is poised to unlock Liberia’s infrastructure for shared, multi-industry use and creating pathways for inclusive growth and national revenue expansion.
Accordingly, the CAA would open the Yekepa–Buchanan railway to increase competition from prospective users, carving the pathway for other companies to gain access and provide Liberia with significant economic benefits. Once the Concession and Access Agreement is ratified by the Legislature, it will create an independently operated multi-user rail model in line with President Boakai’s policy agenda and facilitate IVA’s $1.8 billion investment that will generate economic growth in Liberia and Guinea.
As the committees embark on the CAA ratification process, it marks a major milestone in advancing the Bilateral Implementation Agreement (BIA) between Guinea and Liberia that was ratified in 2021. This is a significant step toward unlocking one of the world’s highest-grade undeveloped iron ore deposits and establishing a new model for regional cooperation and shared growth. Ratification of the CAA will decouple mining from infrastructure, in alignment with President Boakai’s policy and will provide longer-term benefits to Liberia by opening the railway to more users and freight sectors.
Under the Rail Standard Operating Procedure (RSOP), the Government of Liberia can grant access to all qualified users access to Liberia’s Yekepa–Buchanan railway and Buchanan Port. Together they form the best export route from Kon Kweni, offering a shorter, more cost-effective path to global markets than alternative routes through Guinea. It also supports Liberian Guinean relations and cross-border trade.
Once the concession agreement is ratified, it will enable the transport of high-grade iron ore from the Kon Kweni Iron Ore Project in Guinea through Liberia, under the framework of the BIA between the two governments. The Kon Kweni Iron Ore Project is a shovel-ready, world-class deposit featuring a total resource of 751.9 million tonnes of Direct Ship Ore (DSO), including 209 million tonnes of high-grade ore averaging 67.8% Fe. With a ratified Mining Convention and mining permit already in place, Ivanhoe Atlantic (IVA) is finalizing all approvals to commence construction in Q1 of 2026, including the ratification of the CAA. More jobs are expected as the company ramps up its operations to 30mtpae. IVA’s project is also expected to create eight indirect jobs for every direct hire. Kon Kweni is 85% owned by Ivanhoe Atlantic Inc., the remaining 15% is owned by the Government of Guinea.
