The Western Cluster deposits comprised of the former National Iron Ore Company (NIOC), the Bea Mountains and the Liberia Mining Company (LMC). Once a promising sector for oil, Liberia has been on a dry spell of late with the pull out of both US oil giants Chevron and Exxon. Liberia signed millions via signatures fees, licensing and geo seismic data information from various multinational oil companies during the previous regime headed by Ellen Johnson-Sirleaf. What is the debt and what would be the priority of repayment in relations to existing IMF, World Bank and other Loans on Liberia’s Books? Unlike loans borrowed from the traditional IMF, World Bank and other international stakeholders, the loan from the Asian conglomerate is unforgiveable, meaning those loans must be paid back and come with a lot of risks.
Source: Front Page Africa April 16, 2018 00:45 UTC