Bea Mountain Mining Corporation (BMMC) has come under huge criticism for its recent disclosure of its monthly gold intake and income generation, with concerned observers calling for the Government of Liberia (GOL) to review their concession agreement.
However, Bea Mountain has observed that it has followed, with grave concern, the sentiments and emotions arising from the recent visit of the Vice President of Liberia to the facilities of the Bea Mountain Mining Corporation located in Kinjor, Grand Cape Mount County.
During the visit, many issues were discussed, including support to the Government of Liberia (GOL) in the areas of alternative renewable (solar) energy, and other infrastructural projects. Also discussed during that visit were some statistics, including the amount of gold produced per month, which specifically has created some uneasiness and consternation, resulting in mixed media views, many of which are negative towards the company.
Bea Mountain Mining Corporation (BMMC) came to prominence in 2013 when its Mineral Development Agreement (MDA) was restated and amended (first signed in 2001) as it prepared to transition from exploration to production. It had recently been bought by the Canadian registered-London based Aureus Mining Company (AMC). Aureus, a company publicly traded on the London and Canadian stock exchanges, had raised about US$35 million and secured loans amounting to US$110 million from two South African Banks (NedBank and Rand Merchant Bank). This financing was a milestone for Liberia, as it was the first of its kind since post-war Liberia and it funded the construction of the country’s first commercial gold mine.
Unfortunately, shortly thereafter, the Ebola pandemic hit the country, disabling many projects and grossly affecting the timely delivery of the New Liberty Gold Mine. Unable to raise the much-needed remaining capital to complete that phase of the project, Aureus was constrained to sell equity in the entity. Unfortunately, the pandemic had rendered the country unattractive, making it challenging to find an interested investor even after the project was reviewed by some 5 mining companies. This threatened the success story for Liberia’s first commercial gold mine and created serious risk for the many stakeholders, including the 1,200 Liberians employed at the mine, as well as the well-being of thousands of Liberians living in the host communities.
In July 15, 2016, MNG Gold, Jersey (already operating a gold mine in Kokoya, Bong County) concluded the purchase of controlling interest in Aureus Mining Company and, by extension, Bea Mountain Mining Corporation. This transaction saved a major project that initially targeted 800,000 thousand ounces of gold to be mined and depleted in 8 years, with maximum 1,200 Liberian employees.
In 2016, the company had one mine, less than 2,000 employees, and 800,000 ounces of gold (measured and indicated) being mined at an annual average rate of 10,000 ounces per month at an average price of US$1,250 per ounce. The business of mining, especially at the commercial level, requires massive investment in infrastructure, equipment and people. To ensure that survival of the business is beyond the original definitive indicators, an operator must invest heavily in exploration, improved technology and increased capacity. The BMMC story has is no exception.
According to the company, between 2020 to 2023 it launched an aggressive expansion program aimed at increasing the amount of gold produced. This initiative, costing more than US$2 billion, included the opening of two satellite mines in Ndablama and Weaju, construction of 52 kilometers of haul roads to bring mined ore from these locations to New Liberty for processing, massive expansion of the process plants at New Liberty, purchasing 1300 additional mining equipment, expanding the HME and other ancillary facilities. In 2025, a fourth satellite mine located 25 kilometers west of New Liberty, within the Matambo Corridor, was commissioned, increasing the overall production capacity to about 350K ounces per year.
“This business strategy has proven to be very sound for the following reasons:
“1. Business continuity—as earlier stated, the original life of mine (LOM) was estimated at 8 years with an annual gold production target of about 120k. Without this expansion, the project would have long ended. Today, with aggressive near-mines exploration programs, the prospect increases for extension of the LOM.
“2. Increased employment opportunity—with expansion and extended LOM come more job opportunities. The current workforce today stands at about 10,000 persons as compared to 2000 at the start of the project. Additionally, Liberians are acquiring related skills that otherwise would not have been possible.
“3. Increased local content opportunities—today, many of the goods and services used at the various mines are being provided by local businesses, e.g. catering, security, janitorial, etc. The presence of the company’s operations in the rural areas spurs economic growth that otherwise won’t exist.
“4. Increased revenue to the Government of Liberia—with most of the CAPEX in place now, the company expects to contribute more than US$200 million to the national budget. Additionally, BMMC is poised to contribute more that 25% to the nation’s Gross Domestic Product (GDP)
“5. International recognition as a gold producer—while Liberia is at the lower tier of gold producers in West Africa (10 tons per annum as compared to Ghana at 170 tons per annum), the prospects are good, with the proper investment climate for growth and expansion,” Bea Mountain Mining Corporation (BMMC) said in its statement.
