Paye Estimates Liberia’s Iron Ore Wealth at US$1.7 Trillion, Raises Concerns Over Resource Benefits

Margibi, Liberia  Former Mines and Energy Minister Wilmot Paye has revealed that Liberia's known iron ore reserves are estimated to be worth approximately US$1.7 trillion, describing the country's vast mineral resources as a potentially transformative asset for national development.

Speaking during a weekend event in Charleville, Margibi County, Paye said data from the Ministry of Mines and Energy shows that Liberia possesses an estimated 17 billion tons of iron ore. Based on a conservative international market price of US$100 per ton, he said the country's iron ore deposits alone carry an estimated value of US$1.7 trillion.

Despite this substantial resource wealth, Paye noted that many Liberians continue to face economic challenges and poverty. He argued that the country's natural resources have yet to produce the level of economic growth and social progress expected by ordinary citizens.

According to the former minister, the disconnect between Liberia's mineral wealth and the living conditions of its people highlights concerns surrounding governance, resource management, and the effectiveness of concession agreements within the extractive sector. He called for stronger oversight and accountability measures to ensure that resource revenues contribute more directly to national development.

Paye also disclosed that a major gold mining operation in Grand Cape Mount County, which he said operates six underground mines, generates approximately US$31 million in gold production each week. Based on those figures, he estimated the operation's annual production value at more than US$1.6 billion.

However, he expressed concern over what he described as the limited financial returns accruing to Liberia from the project. According to Paye, the country reportedly receives less than US$50 million annually despite the scale of production taking place.

While he did not identify the mining company involved, his comments have fueled public speculation, with some observers suggesting the figures may relate to Bea Mountain Mining Corporation, one of Liberia's largest gold producers.

Addressing young Liberians, Paye encouraged greater public participation in discussions surrounding the management of the country's natural resources. He urged citizens to advocate for transparency, accountability, and a fair distribution of revenues generated from the sector.

He emphasized that Liberia possesses the potential to significantly strengthen its economy through responsible resource management. However, he warned that without effective leadership, stronger institutions, and active citizen engagement, the country could continue to struggle with translating resource wealth into sustainable development.

Paye made the remarks while calling for renewed national commitment to ensuring that Liberia's natural resources are managed in a manner that benefits all Liberians.