Putu Mining has targeted US$15 million for the rehabilitation of Greenville Port, the company’s chief executive officer (CEO), Chris Masurenko, announced.
In an interview with reporters Monday, March 31, in Monrovia, Mr. Masurenko noted that his company intends to recondition the port in order to make it functional to contain the heavy traffic that will involve after Putu Mining shall have started shipping iron ore.
Putu Mining Company operates a concession area in Grand Gedeh County.
However, the company as part of its operational plans presented a Feasibility Study document to officials of the Ministry of Lands, Mines and Energy Monday for review and possible ratification in order to renew the company’s mandate of operations in Liberia.
After his presentation before the government of Liberia behind closed-door, Mr. Masurenko described the ceremony to journalists as “a significant step for the betterment of the mining sector and the people of Liberia.”
He disclosed that the document needs to be reviewed and ratified in 90 days in order to give the company a renewed opportunity for progress.
The document contains information on the company’s corporate social responsibility, study about tested soil for the purpose of understanding the quality of mineral beneath the soil, construction of rail road from Grand Gedeh through River Gee up to Greenville, Sinoe County and how those areas of operations can be connected by roads among other things.
According to the company, addressing these critical issues will bring economic benefits to the Southeastern Region of the country that is affected by bad roads and other difficulties.
“This presentation marks a new beginning for the Liberian people. If we get our Mining Operations license in 90 days, I can assure you that we will start the procurement process to begin operation particularly on the port facilities. We are optimistic that government will corporate with us to advance our relationship.”Mr. Masurenko declared.
Relative to initial investment in Liberia, Putu Mining announced; “We have already invested US$250 million for operations since concluding investment agreement with the Liberian Government.”
Greenville hosts Liberia’s third port facilities and remain critical to economic viability of the Southeastern Region.
It may also be recalled that the Kuwait Fund for Arab Economic Development recently gave a US$14 million loan to Liberia to help boost the physical infrastructure of the seaport of Greenville. The loan was given through the instrumentality of Mr. Robert Sirleaf, son of the president of Liberia and Liberian ambassador to the Gulf State of Kuwait, an oil-rich country. National Port Authority (NPA) Managing Director Matilda Parker said the loan agreement was consummated between the government of Liberia and the Kuwaiti Fund last year. It is unclear whether that loan s been ratified by the legislature, in line with the Liberian constitution. According to the loan agreement, the repayment period is 22 years with a four-year grace period.
Along with the Kuwait Fund loan of $14 million, Putu Mining’s $15 million investment brings the total Greevnville Port rehabilitation fund to US$29 million so far.