The country possesses reserves of uranium, lithium, cobalt, manganese and neodymium, in addition to iron ore. Credit: BJP7images/Shutterstock.

Liberia is expecting $3bn (L$594.96bn) in investments following the discovery of new mineral deposits, President Joseph Boakai has announced.

This development comes as a result of studies funded by China, revealing that the nation, traditionally known for iron ore and rubber, also possesses reserves of uranium, lithium, cobalt, manganese and neodymium, reported Bloomberg.

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Negotiations are ongoing with multinational corporations and local investors to mine these newly discovered minerals and inject capital into associated sectors such as energy, infrastructure and technology.

These investments are set to bolster the nation’s economic growth to 5.8% in 2025, up from an estimated 5.1% in 2024, according to President Boakai.

Furthermore, inflation is expected to fall to 6% by the end of 2025, despite the central bank projecting a rise to as much as 12.3% by the end of March.

The World Bank data suggests that this accelerated growth could help reduce the poverty rate in Liberia, said to be one of the world’s poorest countries, to 27.8% this year, down from 31% in 2023.

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Since 2013, companies such as Hummingbird Resources and Avesoro Resources have been actively involved in exploration and feasibility assessments in the Liberian mining sector.

Avesoro Resources, through its subsidiary Bea Mountain Mining Company, has been developing the New Liberty Gold Mine, considered to be Liberia’s “first” and “largest” commercial gold mine.

The Central Bank of Liberia reported a 49% increase in gold production and a 12% decrease in diamond production in 2022.

Furthermore, ArcelorMittal committed to expanding its mining operations in Liberia by signing an agreement to extend its presence in the country in September 2021.