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House Of Representatives To Begin Scrutinizing Mittal 800 Million MDA Amendment

On Tuesday, November 23, the 10th Day Sitting of the special, members of the Honorable House of Representatives voted to forward the 3rd amendment to the Mineral Development Agreement of ArcelorMittal Liberia Holdings Limited and ArcelorMittal Holdings A.G. and the Government of the Republic of Liberia to the Committees on Investment and Concession, Judiciary and Ways, Means, Finance & Development Planning to report in two weeks.

According to the release from House Press Bureau, the House’s decision was owing to a motion proferred by Monrserrado County District #8 Representative Acarous Gray, who is also chairman on Executive. The AML’s amendment was submitted by President George M. Weah.

In the President’s communication to Speaker Dr. Bhofal Chambers, the Chief Executive said under the Third Amendment, among other things, ArcelorMittal will make US$800M Investment in Liberia, which will provide the Government of Liberia with US$55M within 19 months of ratification.

“It will develop the Yekepa-Buchanan corridor, creating much needed jobs and training for Liberians, as well as direct Foreign Investment towards Liberian infrastructure,” the President said.

President Weah indicated in his communication that the Government and ArcelorMittal Holding A.G. made and entered into a Mineral Development Agreement (MDA) on August 18, 2005, which was ratified by the Legislature, signed by the President, and printed into handbills.

The President said the Agreement has gone through two different amendments on December 28, 2006 and January 23, 2013 respectively.”

He concluded: “However, following series of negotiations and consultations, the Government, ArcelorMittal Holdings A.G. and ArcelorMittal Liberia Holdings Limited have agreed to amend certain provisions of the MDA given rise to this Third Amenmment.”

HOR/PRESS & PUBLIC AFFAIRS 11-23-2021

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