Former Mines and Energy Minister Wilmot Paye has revealed that Liberia’s known iron ore reserves are valued at approximately US$1.7 trillion, describing the country’s mineral wealth as one of the greatest untapped economic opportunities in the region.
Speaking over the weekend in Margibi, Paye disclosed that records at the Ministry of Mines and Energy show Liberia possesses an estimated 17 billion tons of iron ore. Based on a conservative market value of US$100 per ton, he said the country’s iron ore deposits alone are worth about US$1.7 trillion.
The former minister noted that despite the enormous value of Liberia’s natural resources, many citizens continue to face economic hardship. He argued that the country’s vast mineral wealth has yet to translate into significant improvements in the lives of ordinary Liberians and called for greater national benefits from the extraction of natural resources.
Paye also revealed that a mining company operating in Grand Cape Mount County with six underground mines reportedly extracts about US$31 million worth of gold every week, equivalent to more than US$1.6 billion annually. He claimed that Liberia receives less than US$50 million from the operation each year, raising concerns about the level of returns the country receives from its mineral sector.
Although Paye did not name the company, public commentators have speculated that his remarks referred to Bea Mountain Mining Corporation, one of Liberia’s leading gold producers. The former minister used the disclosure to urge young Liberians to take greater ownership of the country’s future and advocate for policies that ensure the nation’s natural resources deliver meaningful benefits to its people.
According to Paye, Liberia possesses the resources needed to transform its economy, but stronger leadership, accountability, and citizen engagement are required to ensure that the country’s mineral wealth contributes directly to national development. He spoke over the weekend in Charlesville, Margibi County.
