By Staff Reporter
Margibi: Former Mines and Energy Minister Wilmot Paye has disclosed that Liberia’s known iron ore reserves are valued at approximately US$1.7 trillion, describing the country’s mineral endowment as one of the most significant untapped sources of national wealth in the region.
Speaking over the weekend in Margibi County, Paye said official records at the Ministry of Mines and Energy indicate that Liberia possesses an estimated 17 billion tons of iron ore. Using a conservative global market estimate of US$100 per ton, he calculated that the country’s iron ore deposits alone could be worth about US$1.7 trillion.
He stressed that despite this enormous resource base, a significant portion of the population continues to experience economic hardship, arguing that Liberia’s mineral wealth has not been sufficiently translated into broad-based national development or improved living standards for ordinary citizens.
According to him, the gap between resource wealth and public welfare raises critical questions about governance, revenue management, and the structure of concession agreements governing the extractive sector. He called for stronger accountability mechanisms to ensure that natural resources deliver tangible benefits to Liberians.
Paye further disclosed that a large-scale mining operation in Grand Cape Mount County, which reportedly operates six underground mines, generates approximately US$31 million worth of gold weekly. He said this translates to more than US$1.6 billion annually in production value.
He, however, expressed concern that Liberia’s direct earnings from the operation remain relatively low, stating that the country receives less than US$50 million annually from the project despite the scale of extraction.
Although Paye did not name the company involved, his remarks have sparked public speculation, with some observers linking the figures to Bea Mountain Mining Corporation, one of Liberia’s major gold producers operating in the western region.
The former minister used the platform to encourage young Liberians to take a more active interest in the management of the country’s natural resources, urging them to demand greater transparency and equitable distribution of resource revenues.
He emphasized that Liberia’s mineral wealth has the potential to transform the national economy if properly managed, but warned that without stronger leadership, institutional accountability, and citizen engagement, the country risks remaining resource-rich but development-poor.
Paye made the comments during a weekend engagement in Charleville, Margibi County, where he called for renewed national commitment to ensuring that Liberia’s natural resources serve the broader interests of its people.
