MNG's Gold Mine in Western Liberia

-Imports US$3Million worth of high-tech equipment

Turkish-owned Gold Exploration Mining Company, MNG Gold-Liberia, is at the verge of intensifying its exploration exercises in the country. As a result, the company over the weekend brought in-country high-tech exploratory equipment worth over US$3 million.

MNG-Liberia Logistics Manager, Ed Backhouse told newsmen upon the arrival of the equipment at the Roberts International Airport that the equipment will help enhance current production levels in our mining efforts as well as carryout further explorations. “These are for finding the next project and expanding the current ones,” Mr. Backhouse said.

MNG Liberia, owned by Turkish Billionaire, Mehmet Nazif Günal (whose initials of his full name made up of the name of the company) currently operates the Liberty Gold Mines that operates the Avesoro Resources in Western Liberia (Bea Mountain) and the MNG-Gold which is the Kokoya, Bong County gold mine. These are two of the largest gold mining operations in the country.

Logistics Manger Backouse said the equipment are being imported due to the speed at which the company wants to move its operations forward which is also as a result of the confidence we have in this country. “We have no worries in the upcoming elections so we want to carry on our investment moving forward so that Liberia’s economy can only flourish. We would like to invest more in this country.”

The equipment was brought in country by a huge Turkish cargo aircraft owned by the MNG Chief Executive Officer (CEO) Mehmet Nazif Günal.

The Aircraft that brought the equipment

There are additional seven exploration licenses for which these equipment are going to be used. These are also meant to expand the lives of the current operations in Cape Mount and Bong Counties and the creation of additional ones.

The company has 25 years Mineral development Agreement/Contract (MDA/MDC) with the Government of Liberia. The agreement was signed four years ago which led to the establishment of the Korkoya Gold field. Though he couldn’t disclose the total cost of MDA, Mr. Backhouse indicated that it cost US$50 million to develop the Korkoya field. “Monthly running cost of the field is between US$1.5 to US$2 million.

He further noted that the field has the potential to provide investment returns on the funds already spent. “Yes, we firmly believed that we will get our money back and there will be some little profit…we are very confident of that. This is why we are importing these very expensive equipment here to enhance this process,” Mr. Backouse said.

He added that more than three thousand Liberians are directly and indirectly employed by the company and some of those are in top managerial positions. He said company is also living up to its Corporate Social Responsibilities by constructing clinics and modern housing for its employees and nearby communities.

“We are also paying thousands of dollars in taxes that are helping the Liberian economy. We continue to be a genuine party to this government and will continue to help in the development of this great country,” he said.

Backhouse praised the production levels of their mining operations, while also stressing specific notes of the high quality of gold that are being discovered in those fields. He indicated that the company’s production is currently on target. “We are producing 8,000 to 10,000 ounces of gold per month, especially during the dry season, but we face some difficulties during the raining season which cause production levels to drop.”

Last year the contract between Bea Mountain Mining Corporation (BMMC), a wholly-owned subsidiary of Aureus Mining and MonuRent, together with all underlying MonuRent supplier contracts, was novated to MNG Gold-owned Liberian company Atmaca Services – which owns 55% of Aureus.

Save for the novation of the contract from MonuRent to ASLI, all terms of the contract remain the same.

As part of the agreement with MonuRent, Atmaca Services will pay US$15.4 million in cash to MonuRent to take ownership of the mining equipment; US$7.1 million in cash for the inventory currently on site at New Liberty; US$7.9 million in cash for invoiced receivables; about US$2.5 million in cash for future uninvoiced receivables incurred by BMMC during July and August 2016, (together the sale assets); and US$4.5 million in cash as a contract novation fee.

Moreover, the MonuRent employees will be transferred to Atmaca Services on the same terms and conditions enabling Atmaca to operate the contract without an interruption to mining operations at New Liberty.

MNG Group of Companies Company, the parent company of MNG-Gold, was founded by Mehmet Nazif Günal on 1976. MNG Gold started its activities on July 2013. Today, the MNG Group of Companies employs over 20,000 people and is a giant group of companies engaged in many fields such as Construction and Contracting, Tourism, Air Carriage, Cargo Carriage, Finance and Energy.

4 COMMENTS

  1. They coming to leave so, so holes in the ground, water and chemical polutions, and at the end leave very wealthy but leaving the community worst off than they met it.

    Nothing new.

  2. Not great, I have serious issue with the change of companies operation at this New Liberty Gold Mine in Grand Capemount County. From Aferro Mining to Aureus Mining, now, Avesoro. What is going on here? Months ago, months ago, I read that Monu Rent was an independent logistics company, now, I reading that it belongs to this Mining company. Am I missing something here? Are you guys here to make your shareholders rich or help Liberia get back on her feet?

  3. What happens when the GOLD runs out? Ecological and Environmental Catastrophies are in the making. It will cost Liberia dearly.
    When will Liberia learn? Why don’t we visit the old mining sites? See what’s left behind. This time, think seriously about the ECOLOGY and the ENVIRONMENT…

LEAVE A REPLY

Please enter your comment!
Please enter your name here