A rich gold mine in southeastern Liberia could be a game changer in President George Weah’s quest to address the country’s infrastructure deficit, one expert has suggested.
The Dugbe goldfield has an estimated US$5.5billion deposit. A public-private partnership with multinational companies wanting to mine and export gold from the area would enable the Liberian government to generate more than US$500million in share revenue, Mr. Samuel Thompson an ex-governor of the Central Bank of Liberia said in an open letter to the President.
“Your Excellency, the change you were elected to bring about is in your hands. Investors have successfully used our gold deposits in Kinjor and Korkoyah as collateral to borrow from international financial institutions to mine, process, and export that gold.”
According to Thompson, the Weah administration can use the same approach, partner with Hummingbird and the government share of profit from the mine would be greater than what it’s seeking a loan from Eton Financing.
“Mr. President, if you and member of the national legislature will resist the temptation to shortchange Liberia’s future as your predecessors have done for selfish gain. The proposed approach will greatly improve the country,” he said.