The Minister of Mines and Energy Wilmot Paye has disclosed that the Government of Liberia and Putu Iron Ore Mining Company have begun a mediation process on the future of the company in Liberia.
The Putu Iron Ore Mining Company, a Russian-affiliated company, signed a Mineral Development Agreement (MDA) with the Republic of Liberia on September 2, 2010 but ceased operations in 2016 due to financial and operational challenges.
Minister Paye made the disclosure Tuesday, February 18, 2025 when the National Investment Commission (NIC), the Ministry of Mines and Energy, and the Ministry of Justice appeared before the House of Representatives to provide a status update on the company’s investment in Grand Gedeh County.
Minster Paye said Putu is an important asset for the country and the Executives share the same sentiment and concern like the legislature.
The Mines and Energy Minister said for years the country’s asset has been with the Russian group and the ministry in consultation with the National Investment Commission and Ministry of Justice had gone ahead and written a communication requesting for a process that will lead to the country taking possession of its asset.
“We wrote Putu Iron Mining Company and the company has responded, and within thirty days the process of mediation will begin. The company responded to the letter on February 11, 2025,’ he said.
For his part, the National Investment Commission (NIC) Director General Theodore Momo informed lawmakers that Putu holds 4.5 billion tons of iron ore and the House of Representatives should give them time to conclude their meeting and engagement with the Russian company.
The NIC boss said if the mediation process does not go well, the government will result in termination of the company’s operations. But the majority of the lawmakers called on the Plenary to review the concession agreement or find ways to cancel it.
The lawmakers said the company has shut down for the past 15 years without any concrete reasons, which has stopped the county from receiving their social corporate benefits and job opportunities.
