MONROVIA, LIBERIA-The House of Representatives has concurred with the Liberian Senate on the Restated and Amended Mineral Development Agreement between the Liberian Government and Bea Mountain Mining Corporation (BMMC).
It followed an earlier ratification agreement by the Liberian Senate.
The House of Representatives immediately mandated its Joint Committee on Mines, Energy and Natural Resources, Investment and Concessions, Agriculture, and Judiciary to review the instrument.
According to the House Press and Public Affairs, following the Joint Committees’ report on Thursday, September 6, 2023, members of the Honorable House of Representatives voted in favor of the amended Mineral Development Agreement giving Bea Mountain an additional twenty-five years of operations in Liberia.
The Committees’ findings indicate that the First Amendment to the Restated Mineral Development Agreement includes an accumulative basic Community Development Fund (CDF), Clan Development Fund, fifty 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 accrues substantial financial benefits compared to the Restated and Amended MDA of 2013.
Under the 25-year agreement, the company is expected to make an additional investment of five-hundred-twenty million United States Dollars ($520M).