Liberia is a country which is located in the Western African Gold province bordering the Republics of Sierra Leone, Guinea and Cote d'lvoire (Ivory Coast). It is the one of the oldest independent republic present in Africa. It was established in 1847. It is a country that has a very distinctive identity within the continent because it has a long reputed and affiliation with the United Nation. This has had its merits and has helped the republic strengthen its financial prowess.
Liberia received her democracy in 2005 and has been constantly supported by UN. Liberia is rebuilding herself structurally and riding the economic growth only after the elected president Ellen Johnson Sirleaf received the power in January 2006. For her infrastructure building, reconstruction and education Liberia got the assent of The World Bank and the European Commission as a support base. Both The World Bank and the European Commission have given many grants to Liberia for her development.
Land reforms, trade, female education in Liberia are supposed to be strengthened through the Millennium Challenge Corporation which has been undertaken with US$ 15 million. Liberia is considered to be one of the last the last regions in the world which has remained underexplored. Liberia is rich in mineral contents like gold, diamond, iron ore and crude oil from the offshore.
Iron ore mining in Liberia:-
Liberia is chiefly acknowledged for its iron ore deposits like the Arcelor Mittal's 1Bt Yekepa deposit and 1.1Bt Putu deposit of African Aura. In Liberia four Exploration Licenses for this mineral is under the control of the BHP. There has been recent successful exploration in Liberia done by African Aura Mining at the New Liberty project and by Hummingbird Resources at the Dugbe Project.
This is the chief raw material used in manufacture of steel. The Arcelor Mittal Company at Yekepa in Liberia produces fine quality steel thanks to the open pits of this mineral ore. In 1960s and 1970s Liberia became Africa's sole massive exporter of natural minerals. In the worlds list of leading iron ore exporters, Liberia currently holds the third position.
In Liberia's historic mining districts, The Mofe Creek Fe Project is located. The project is known for its exceptionally coarse gained nature that also gives it the potential to deliver high grade products. The proximity to the coast and positive preliminary metallurgical test-work suggests the probability of early success in the project. Some other positives of this project are a low capital concentration and low service costs.
Another important mining belt in Liberia is located in Putu and famously known as Putu Project which is 80% under the control of Mano River Resources Inc. It includes 4000m planned drilling program that is estimated to have great prospects in the days to come.
The Liberian economy is primarily dependent on its natural resources for its growth and chief among it are its iron mines. The GDP growth of the nation is expected to grow at least 5.4 per cent in 2014 supported by further expansion of iron ore mining and FDI. However despite its rich resources, the economy of Liberia remains under threat due to the global commodity price fluctuations. Though the present Government is making noteworthy efforts to improve the economy it still remains under severe threat of things such as corruption, lack of employment and external pressure from nations who engage in bi-lateral trade relations with Liberia.
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