Liberia Launches Mining Overhaul and Sovereign Wealth Fund

President Joseph Nyuma Boakai announced a comprehensive strategy to overhaul Liberia's mining and energy sectors during the Liberia International Mining and Energy Conference and Expo on October 28, 2026. The plan includes the creation of a state-owned National Mining Company of Liberia to secure equity in mining operations and the launch of a sovereign wealth fund based on the Santiago Principles to preserve mineral revenues for future generations.

Boakai outlined a goal to establish a domestic gold refinery within two years to shift the country from exporting raw materials to domestic processing. To address electricity instability, the president targeted a 75 percent share of renewable energy in the national mix, including expanding the Mount Coffee solar facility from 20 to 30 megawatts and developing the Saint Paul River hydropower project.

Simultaneously, ArcelorMittal Liberia Chief Executive Michiel van der Merwe announced that the company's total investment in the country is approaching US$4 billion. These funds cover mines, power, and social projects, including US$800 million for the rehabilitation of the state-owned railway and port. The company aims to increase iron ore exports from under 5 million tons in 2024 to over 20 million tons by 2027.

U.S. Chargé d’Affaires Kristin Gilmore noted that American businesses are considering investments, with the Millennium Challenge Corporation developing a second compact for mining and electricity reforms. The United States Trade and Development Agency is also assessing rail infrastructure to support a multi-user system, which would allow other miners access to the rail line provided they fund their own expansions.