{"id":50513,"date":"2024-01-17T15:50:05","date_gmt":"2024-01-17T15:50:05","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m"},"modified":"2024-01-17T16:43:52","modified_gmt":"2024-01-17T16:43:52","slug":"liberia-extractive-sector-raised-us182m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m","title":{"rendered":"Liberia: Extractive Sector Raised US$182M"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>The Liberia Extractive Industries Transparency Initiative (LEITI) has released its 15th report, which highlights the significant contribution of the extractive sector to Liberia\u2019s domestic revenue. According to the report, the extractive sector accounted for 17.16 percent of the government\u2019s revenue envelope in the last fiscal year, amounting to US$182.35 million.<\/p>\n

The top contributors to the government\u2019s revenue during this period were ArcelorMittal Liberia Limited, Bea Mountain Mining Company, and Firestone Liberia Incorporated. These companies contributed a combined total of US$132 million, with ArcelorMittal leading the way with $78 million.<\/p>\n

The report also sheds light on the social and environmental expenditures of extractive companies, which totaled US$34 million. Mandatory social spending accounted for US$28 million, while voluntary social expenditure amounted to US$5 million. Moreover, both mandatory and voluntary environmental expenses stood at US$1 million each.<\/p>\n

LEITI, established in 2009, has played a crucial role in providing transparency and promoting the responsible management of Liberia\u2019s natural resources and the revenues derived from them.<\/p>\n

The Multi-Stakeholder Steering Group (MSG) of the LEITI in March 2023 commissioned the production of the 15th EITI Report for Liberia, covering the fiscal period from July 1, 2021, to December 31, 2022, under the traditional reconciliation framework. The 15th Report is the first reconciled report post-Covid. The Report captures 21 in-scope companies across three of the four covered sectors and ten government institutions.<\/p>\n

The 15th report covers various sectors, including mining, oil and gas, agriculture, and forestry, providing valuable insights into the activities and operations of companies involved in mineral extraction, logging, and the production of rubber, oil palm, cocoa, and more.<\/p>\n

Key statistics from the report include gold production at 14,092 kg, iron ore production at 6,852,999 metric tons, diamond production at 87,732 carats, round logs production at 263,323 cubic meters, rubber production at 129,417 tons, and crude palm oil production at 53,940 metric tons.<\/p>\n

The report also highlights the significant contribution of the extractive sector to Liberia\u2019s exports, which accounted for 99.23% of the total exports of the country during the period. Bea Mountain Mining Corporation, ArcelorMittal, and MNG Gold were the top contributors to Liberia\u2019s exports, with 48%, 40%, and 9% respectively. Regarding employment, the mining, agriculture, and forestry sectors collectively employed 12,017 people in 2022, representing 0.50% of the country\u2019s labor force.<\/p>\n

Furthermore, 21% of these workers were female, indicating a certain level of gender inclusivity within the industry. The production of the 15th EITI Report was accomplished through the collaboration of the LEITI Multi-Stakeholders Group (MSG), Parker & Associates LLC, and BDO-UK.<\/p>\n

The report includes detailed information on various aspects, such as the legal framework and fiscal regime, extractive industries\u2019 contribution to the economy, production and export data, revenue allocations, and more.<\/p>\n

Liberia has also taken a significant step towards transparency in company ownership with the launch of its new Beneficial Ownership (BO) register. This register aims to enhance accountability, domestic resource mobilization, and the prevention of financial or environmental crimes. The register was launched in September 2023 and will be fully available in March 2024, the LEITI secretariat said.<\/p>\n

While the LEITI continues to make strides, the institution still faces reporting challenges. The Chairman of the MSG, C. Mike Doryen, expressed concerns about certain government institutions and companies deliberately withholding extractive sector information during the report production.<\/p>\n

As a result, the MSG has mandated the Secretariat to enforce the Body\u2019s Regulations 001, which will allow for the identification and public exposure of non-compliant entities in the next report.<\/p>\n

\u201cSome government institutions and companies deliberately refuse to provide requested extractive sector information during the production of the Report,\u201d he said. \u201cConsequently, the MSG has mandated the Secretariat to bring into force the Body\u2019s Regulations 001 during and after the production of Liberia’s 16th EITI Report, which will take the country to its next validation.\u201d<\/p>\n

By this, the Secretariat will extract from the final 16th EITI Report all delinquent government institutions and companies and publicly name and shame them. The MSG believes this will ensure compliance and adherence to EITI implementation in the country.<\/p>\n

\u201cWith today\u2019s approval and launch, the Report is now set to be disseminated nationwide to discuss the findings with the citizens and solicit feedback on improving the extractive sector\u2019s governance. It is also open to the media for further interpretation and dissemination through your various outlets,\u201d Doryen, who is also the Managing Director of the Forestry Development Authority (FDA), said.<\/p>\n

\u201cI want to thank my hardworking and committed colleagues at the MSG for their collaboration and coordination over the past six years. I also want to thank the leadership and staff at the LEITI Secretariat for their dedication. You guys have shown that Liberia has professionals who can positively shift the Country\u2019s development paradigm. Please continue to do so. To the media, you guys have always stood by us, and we will continue to count on you to provide our people with relevant information.\u201d<\/p>\n

Doryen, on behalf of the MSG and the LEITI Secretariat, lauded the government for making the funding available for the Report. \u201cThis shows the Government\u2019s unwavering support for enhancing transparency and accountability in the extractive sector. Let me assure all stakeholders that LEITI will continue to play its role in ensuring that Liberians benefit from their abundant extractive resources,\u201d he said.<\/p>\n

The LEITI is a part of the global Standard \u2014 the Extractive Industries Transparency Initiative (EITI) \u2014 which promotes revenue transparency in the extractive sectors in resource-rich countries. It strives to ensure transparency over payments made to and revenues received by governments from companies in the concerned sectors.<\/p>\n

Liberia joined the global body in 2007 and, in 2009, the LEITI was created as an autonomous agency by an act of legislature. To date, the LEITI has published 15 reports. A broad coalition of government, civil society, and the private sector governs the LEITI. Additionally, international partners serve as observers on the LEITI board.<\/p>\n

Meanwhile, the approval and launch of the LEITI 15th report mark an important milestone in Liberia\u2019s commitment to transparency and accountable governance in the extractive sector.<\/p>\n

\u201cLEITI will continue its vital role in ensuring that the benefits of the country\u2019s abundant natural resources are shared among all,\u201d the Secretariat has assured Liberians and its partners.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. The Liberia Extractive Industries Transparency Initiative (LEITI) has released its 15th report, which highlights the significant contribution of the extractive sector to Liberia\u2019s domestic revenue. According to the report, the extractive sector accounted for 17.16 percent of the government\u2019s revenue envelope in the last fiscal year, amounting to US$182.35 million. The top […]<\/p>\n","protected":false},"author":84,"featured_media":50512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-50513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nLiberia: Extractive Sector Raised US$182M - Liberia<\/title>\n<meta name=\"description\" content=\"The Liberia Extractive Industries Transparency Initiative (LEITI) has released its 15th report, which highlights the sig ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberia: Extractive Sector Raised US$182M\" \/>\n<meta property=\"og:description\" content=\"The Liberia Extractive Industries Transparency Initiative (LEITI) has released its 15th report, which highlights the sig ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-17T15:50:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-17T16:43:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/01\/sm_1705496111.757032.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Liberia: Extractive Sector Raised US$182M\",\"datePublished\":\"2024-01-17T15:50:05+00:00\",\"dateModified\":\"2024-01-17T16:43:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m\"},\"wordCount\":1035,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/01\/sm_1705496111.757032.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-extractive-sector-raised-us182m\",\"name\":\"Liberia: Extractive Sector Raised US$182M - 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