Former Liberian Mines and Energy Minister Wilmot Paye has put the potential value of the Turkish-owned Bea Mountain Mining Company (BMMC) gold concession in Grand Cape Mount County at roughly $40 billion and said broader iron ore deposits along the Yekepa–Buchanan corridor could be worth about $1.7 trillion.
Discussing Liberia’s aid dependence while critiquing his ruling Unity Party, Paye used these figures to argue for a re-evaluation of how Liberia’s mineral wealth is managed and shared.
Paye said in a Facebook post that BMMC generated about $31 million in gold revenues in a single week in March.
“At that pace, that is US$1.6 billion a year. For twenty-five years, this will be US$40.3 billion,” he said, arguing the proceeds could fund infrastructure, education and power projects without resorting to loans or foreign aid.
He also highlighted iron ore potential along the Yekepa–Buchanan rail corridor, which he estimated at about 17 billion dry tons.
Using a price assumption of roughly $104 per dry ton, Paye calculated a theoretical value near $1.7 trillion.
He cautioned that these are his own calculations and used them to question why Liberia continues to face fiscal constraints despite apparent natural-resource wealth.
The Bea Mountain Mining Corporation holds a long-term concession for the New Liberty Gold Mine in the Bea Mountains under an amended agreement dating back to 2005. Key elements of the concession include:
- a 25-year renewable term covering the New Liberty concession area;
- a 3% royalty on gold production;
- a maximum 30% corporate tax provision; and
- a 10% free government equity stake.
BMMC has faced sustained scrutiny from lawmakers, civil society and local communities over alleged breaches of Liberian law, environmental harm, limited local economic benefit and potential financial irregularities.
Those concerns have prompted calls for a comprehensive review and renegotiation of the company’s contractual terms to secure a fairer share of resource revenues for Liberia.
Analysts note that headline estimates of resource value—particularly those that multiply commodity prices by measured tonnages can significantly overstate realizable revenues because they do not account for extraction costs, capital expenditures, royalties, taxes, price volatility or commercial recoverability. Concession terms such as low royalties or generous tax allowances can further reduce the state’s share of project returns.
Paye’s comments revive longstanding debates in Liberia about resource governance, transparency and the balance between attracting foreign investment and securing developmental outcomes for host communities.
