The Honorable House of Representatives- (HOR) has concurred with the Liberian Senate on the ratification of the Restated and Amended Mineral Development Agreement between the Liberian Government and Bea Mountain Mining Corporation- BMMC.
It follows an earlier ratification of the agreement by the Liberian Senate.
The House of Representatives immediately mandated its Joint Committee on Mines, Energy & Natural Resources, Investment and Concessions, Agriculture and Judiciary to review the instrument.
According to the House Press and Public Affairs, following the joint committee report on Thursday, 6 September, members of the Honorable House of Representatives voted in favor of the Amended Mineral Development Agreement giving Bea Mountain additional 25 years of operations in Liberia.
The Committee’s findings indicate that the First Amendment to the Restated Mineral Development Agreement includes an accumulative basic Community Development Fund (CDF), Clan Development Fund, 50 percent surface rental fees, five percent ownership of equity, as well as increased financial benefits to the affected communities.
The committee further stated in its recommendations to plenary that considering all the taxes and levies outlined in the First Amendment to the Restated Agreement, it is clear that the country will accrue substantial financial benefits compared to the Restated and Amended MDA of 2013.
The Joint Committee also noted that the employment of Liberians will see a significant increase, growing from the current 3,500 in the Restated and Amended MDA to 4,000 in the First Amendment to the Restated MDA.
As part of the first restated Amendment, the company will expand its operational area from 485 sq/km to 537 sq/km, leading to an increase in surface rental fees.
The House’s Joint Committee resolved that the company should contribute an additional One Hundred Thousand United States Dollars to each of the four clans, namely Mana, Darblo, Seimavula, and Menmassa clans, for clan development purposes through a memorandum of understanding (MOU) within six months after ratification.
The Restated and Amended MDA between the Government of Liberia and Bea Mountain Mining Corporation is of great national importance, as it governs the terms and conditions of mineral exploration and exploitation in the country. It also outlines the responsibilities of the parties involved, including the sharing of benefits, environmental safeguards, and social development commitments.
Under the new 25-year agreement, the company is expected to make an additional investment of five Hundred Twenty Million United States Dollars ($520M).
The instrument has been forwarded to the Executive Branch for further constitutional actions.