ArcelorMittal Liberia (AML) has emphasized that it has been committed to Liberia’s development evidently through its significant financial contributions since 2005.
The company said, according to payment records, it owes no money to the government from social development funds to taxes and royalties.
With a total government payment of $414.6 million across various categories, ArcelorMittal Liberia says it continues to play a crucial role in the nation’s economic progress. The largest portion of this contribution, US$160.7 million, comes from taxes paid by ArcelorMittal Liberia.
These funds bolster the government’s financial capacity to provide essential services and infrastructure, fostering overall economic stability.
Royalties, amounting to $118.8 million, contribute to the nation’s revenue stream, supporting key sectors such as education, healthcare and social welfare, a sustainable financial support that aids Liberia in building a resilient foundation for long-term growth.
Mineral development agreement (MDA) payments of $75.3 million, covering signature fees and bonuses, showcase ArcelorMittal Liberia’s commitment to transparent and mutually beneficial partnerships that contribute to Liberia’s economic advancement and resource management.
The on-going Ganta-to-Yekepa road pavement, with $35.6 million invested so far by AML, stands to enhance transportation infrastructure that can foster connectivity and accessibility between the commercial hub of Ganta and the mining town of Yekepa.
This road connectivity effort that is not even related to any of ArcelorMittal’s commitments under existing MDA is a key development that not only facilitates commerce but also improves the quality of life for citizens along the route.
For resettlement alone, AML has made payments totaling $19.6 million to community well-being.
Particularly, the support for tree crop farmers in Nimba county, which demonstrates a holistic approach to sustainable development, ensuring that local communities thrive alongside the company.
MDA scholarships and payments to Liberia Agency for Community Development (LACE), ranging from $2 to $2.5 million to date.
A key pillar of ArcelorMittal Liberia’s investment in education and community empowerment, scholarship local and international set the groundwork for a skilled workforce and empowered communities to drive long-term socio-economic development.
“LACE, we are aware, is implementing hospital projects in Sehyikimpa, Nimba County, and Buchanan, Grand Bassa County,” ArcelorMittal Liberia said in a press statement.
This support contributes to improved healthcare infrastructure, promoting the well-being of communities and fostering a healthier, more productive population.
AML’s financial contributions extend beyond mere business transactions; they form the backbone of Liberia’s socio-economic development in so many regards. From infrastructure to education and healthcare, these investments underscore the company’s commitment to fostering a thriving nation.
As a crucial player in Liberia’s economic landscape, ArcelorMittal Liberia’s contributions resonate as key for progress, shaping a brighter and more prosperous future for the nation and its people.