West Africa has seen a significant increase in gold mining activities over the past two decades, with Liberia now being recognized as 'the last untapped gold frontier in West Africa.' The country's ancient rock formations and greenstone belts, similar to those in major gold-producing regions, along with its business-friendly policies, have made it an attractive destination for miners and investors alike.
The Liberian government's proactive stance on mining has played a crucial role in attracting foreign investment, with the mining sector contributing approximately 10% to the country's GDP. The World Bank's optimistic economic projections for Liberia, forecasting GDP growth of 5.5% through 2024 and nearly 6% in the following years, underscore the potential of the mining sector to drive economic development.
Pasofino Gold, a Canadian mining company, exemplifies the successful collaboration between mining companies and the Liberian government through its Dugbe Gold Project. With gold prices soaring to around $2,400 per ounce, the Dugbe mine's output is estimated at nearly $1.8 billion, highlighting the project's significant economic potential. The company's Mineral Development Agreement with the government includes provisions for environmental and social impact assessments, training, and infrastructure development, ensuring that local communities benefit from mining activities.
The long-term outlook for gold mining in Liberia is promising, with Pasofino's agreement with the government set for an initial 25-year term, extendable to maximize output. The addition of industry expert Emre Kayışoğlu to Pasofino's Board of Directors further strengthens the company's strategic position in the region. As West Africa's role in the global mineral economy grows, Liberia's combination of geological potential, supportive policies, and increasing investment makes it a standout destination for gold exploration and production.
For more information on Liberia's mining sector, visit https://www.worldbank.org and https://www.pasofinogold.com.
