The expansion investment of Liberia’s leading Iron old extractor is now at a standstill.
It comes when members of the Liberian Senate on Monday, December 6, 2021, began a public hearing with the Executive Branch of Government.
The public hearing is a fundamental tool to inform senators for onward decisions on the rectification of the investment.
The public hearing brought together members of the Liberian Senate and Executive to acquire information and concerns over the deal before passage.
It can be recalled that Arcelor Mittal and the Executive Branch of Government headed by President George Weah signed an expansion deal of Eight-Hundred Million United States Dollars ($USD 800M).
As per Law, the deal is now at the Legislature for ratification, giving ground to the legislators to have information that will help them facilitate their decision.
But as it stands, the Senators of the Affected Counties are mounting pressure and concerns over the ratification of the deal.
According to Nimba County Senator Jeremiah Koon, the company has not lived up to the agreement enshrined in the second expansion deal.
Senator Koon named Poor health care, security, social benefits among others as issues the company has failed to comply with.
The Nimba County Senator noted that the Gompa to Yekapa road is not completed as per the agreement.
He also frowns on the company’s quest to have a duty-free privilege after fifteen years of operation.
The Lawmakers want the company to manufacture raw materials into finished goods to boost the economy.
At the same time, the Executive Branch of Government represented by the Ministers of Finance and Development Planning (MFDP), Mines and Energy among others told the legislature that the Deal will create jobs, increase revenue and help solve some social issues in the country.
According to them, the expansion will save the country from more than 2000 unemployment, with additional 1000 new Employment.
The deal also included a multi-user framework and a non-discriminatory user framework agreement on the railway with five years’ periodic review.
As the deal is now at the Legislature for ratification, it is uncertain for its ratification by the lawmakers.