Finance and Development Planning Minister, Samuel Tweah has informed the Joint Committee that the expansion will create huge revenue benefits to the Government of Liberia and create additional investment and job opportunities for Liberians which will also seek to make Liberia one of the largest iron ore exporting countries in the world.
Minister Tweah however admitted that the deal may not be 100 percent as expected but the Government has been in negotiations with the company for improvements.
He also disclosed that the company has been paying its financial obligation to the government of Liberia.
According to the Liberian Finance Minister, if the 800-million ArcelorMittal amended agreement is not ratified, the US$30 Million which should be paid to the Government by the company from now to December 31 will not be paid, and such, the Government of Liberia will be faced with constraining.
Also speaking, the Minister of Justice Cllr. Musa Dean echoed that the 3rd Amendment to the MDA is intended to ensure that the U$800 Million ArcelorMittal expansion project if ratified will see the further expansion of the Railroad for other usage and improvement of the port of Buchanan.
Minister Dean further remained the Joint Committee on Article 3, section 2 of the 2007 Amended ArcelorMittal mineral Development Agreement, which state; “that the concessionaire has the right to request an extension of the term for additional 25 years upon notice to the Government, along with the submission of a revised feasibility study and the MDA may be amended upon terms to be agreed to by the parties” the Minister concluded.