MONROVIA – On Thursday, June 12, 2025, Nimba County Senator Nya D. Twayen wrote his colleagues in the Senate, calling for Legislative investigation into the US$1.4 billion investment revelation made by ArcelorMittal Liberia (AML) for its iron ore processing plant recently dedicated in Yekepa, Nimba County.
Senator Twayen’s message to the Senate has flickered a full-scale investigation for what he describes as “inflated investment” and potentially detrimental to Liberia’s long-term economic interests.
During last Thursday’s Senate sitting, Senator Twayen submitted a formal communication calling on the Senate to probe what he views as a suspiciously overstated investment in the facility, which he fears could be part of a pattern of financial practices designed to avoid tax obligations and profit-sharing commitments with the Liberian government.
“Inflated investment or overstated investment gulps profit and deprives Liberia of receiving dividend – a case we’ve lived with ArcelorMittal for 20 years now,” Senator Twayen stated. “They have always declared losses instead of profits. We will get to the bottom of this one.”
The Senate plenary accepted his communication and has directed the relevant oversight committees to investigate the matter, specifically the Committees on Concession & Investment and Public Works, in collaboration with the Mines and Energy Committee.
Senator Twayen’s communication urged the joint committee to summon key officials, including the Chairman of the National Investment Commission (NIC), the Ministers of Public Works and Mines & Energy, and the Country Representative or Chief Executive Officer of AML.
The probe seeks to validate whether the processing plant’s reported US$1.4 billion cost is accurate and in line with international market standards for such infrastructure. The Senator stressed that the figure, if inflated, may represent a deliberate corporate accounting strategy to shield AML from paying corporate income tax (CIT), which currently stands at 35%.
According to his calculations, the yearly breakdown of the investment, about US$350 million annually, significantly reduces taxable income and therefore diminishes expected tax revenues. “These expenses translate to an estimated annual tax loss of over US$123 million,” he underscored.
Beyond the financial implications, Senator Twayen also raised concerns about the broader impact on national revenue mobilization and the long-term consequences of allowing tax loss carry-forwards. This mechanism allows AML to declare ongoing losses, effectively postponing or eliminating corporate tax obligations for years to come.
“With Liberia’s iron ore resources being finite, we risk ending the concession period without having received a fair share of revenues. This project, rather than delivering prosperity to Liberians—especially the people of Nimba—might end up as another missed opportunity.”
The senator’s remarks resonate deeply in Nimba County, home to one of Liberia’s richest mineral deposits. Residents and local leaders have long expressed skepticisms about the true benefits of the ArcelorMittal agreement, often citing unfulfilled promises of infrastructure development and community reinvestment.
The call for transparency and accountability now places ArcelorMittal Liberia under renewed scrutiny, as the company prepares for its next phase of operations in the country. For many in government and civil society, this investigation is not just about one project but about setting a precedent for how multinational corporations operate within Liberia’s legal and fiscal framework.
Recently, President Joseph Nyuma Boakai dedicated the reported US$1.4 billion ArcelorMittal Iron Ore Concentrator Plant in Yekepa in Nimba County, stating it was a strong vote of Investors’ confidence in Liberia.
The state-of-the-art concentrator, one of the largest iron ore beneficiation plants in Africa, is the centerpiece of ArcelorMittal’s US$1.8 billion Phase II expansion project. The project is expected to boost the company’s annual iron ore production in Liberia from 5 million tons to 20 million tons, while significantly enhancing product quality to higher-grade, higher-value iron ore, according to the company.
Coming shortly after the company marked 20 years of mining operations in Liberia, the commissioning of the concentrator brings ArcelorMittal’s total investment in the country to approximately US$3 billion.
Speaking Thursday, June 5, 2025 at Mount Tokadeh Mining Site in Nimba County at the inauguration ceremony, the Liberian leader said the latest level of investment by ArcelorMittal is a testament to the growing confidence in the security and wellbeing of the state, and in the positive direction of Liberia’s investment climate.
He furthered, “We are proud to witness this expansion—an achievement that touches the lives of our people and represents progress not just in infrastructure, but in human capacity and national pride.”
The project has already created over 5,000 construction jobs and is expected to generate 1,000 permanent positions. The Liberian Leader emphasized that the economic impact of such investment is far-reaching.
“This brings great relief to our economy. It’s not just about the scale of capital—it’s about the thousands of lives being touched, families being supported, and skills being developed,” the President noted.
The facility represents one of the largest private sector investments in Liberia’s postwar history and signals a renewed era of industrial development, job creation, and economic transformation.
Now, with a Senate probe into the actual cost of the facilities, many are of the view that there must have some fishy revelation by ArcelorMittal, but only the Senate’s enquiry can prove or not.
