By Festus Poquie
Liberia is making last-ditch efforts to reclaim an estimated 4.4 billion iron ore mines from sanctioned Russian state-owned company Severstal after nearly two years of failed negotiations.
The Putu Mountain Range in southeastern Liberia holds one of the largest high-grade deposits in the region, with over 50% hard ore content, according to the Ministry of Mines and Energy.
Its development has stalled since Russian steel giant Severstal acquired the assets in 2012 due to capital cost and U.S. and European sanctions.
President Joseph Boakai said he wants to bring the mines online to bolster the West African nation’s economy.
In a recent cabinet directive, Boakai asked his deputy Jeremiah Koung to lead talks aiming to conclude transfer of ownership of the mines, which according estimates holds as much as 4.4 billion tones.
Negotiations with the Russians over the past 18 months ended in deadlock, according to a statement published on the presidency official Facebook page.
“Continued delay is no longer acceptable. The timely conclusion of the Putu Mining Project is a matter of urgent national priority,” Boakai said.
“The operationalization of the mines is expected to play a significant role in revitalizing economic activities and expanding opportunities, particularly in southeastern Liberia where development expectations remain high.”
The Vice President is working with an inter-agency task force to establish a clear roadmap with defined timelines for concluding all outstanding legal, financial, and administrative requirements associated with the transfer of the Putu Mining assets from the current sanctioned owners.
Also, the Ministry of Mines and Energy, Finance, the National Investment Commission, and the Ministry of Justice, along with other entities have been instructed to ensure that financing arrangements and technical preparations are aligned toward the immediate commissioning and commencement of mining operations.
In late 2025, then Mines and Energy Minister Wilmot Paye said Liberia was engaging with U.S. partners, as American interest and support could accelerate the process and bring this strategic resource into production.
The United States Treasury Department’s Office of Foreign Assets Control in June 2022, designated Severstal and related entities as Specially Designated Nationals taking them off from the US financial system.
