Monrovia – Senator Albert Chea of Grad Kru County was Monday compelled to cancel Public hearing on mineral agreement rights between the Government of Liberia and Hummingbird Resources because officials of the executive branch failed to show up.
Report by Henry karmo – [email protected]
According to senator Chea who is also chairman on the senate committee on natural resources and energy, despite inviting the officials a week ago, the official informed him informed him 30 minutes to the start of the hearing that they were unable to appear before the senate committee.
Sen. Chea said the committee had invited the relevant ministries and agencies to discuss plans by Hummingbird Resource to transition from exploration to mining gold.
“Unfortunately most of the witnesses from the executive branch did not come – no written communication to stay away.
“The hearing was intended to vet the mineral agreement between Hummingbird Resource and the Government of Liberia over mineral right in southeastern part of Liberia.
“We don’t have time frame for agreement that come to us.
“According to the agreement, Hummingbird has been exploring in Sinoe County but wants to transition to mining. The agreement has come to us representative of the people, it will be in two faces Hummingbird will mine and explore,” explained.
He said the company has already located some good quantity of gold in the Sinoe area. He promised that his committee would ensure that communities in which these concessionaries operates benefit from the resources.
Hummingbird Resources, the AIM-listed West African Gold Junior, last year signed a 25-year mineral development agreement with the Government of Liberia (GoL) for the 2 000 km2 Dugbe Shear Zone, containing its 4.2 Moz Dugbe gold project.
The 2015 25-year MDA Agreement with the GoL has, among many things, the option to extend by mutual consent; Provides necessary long-term framework and stabilization of taxes and duties; Agreed royalty rate on gold production of 3% ; Income tax rate of 25%, with credit given for historic exploration expenditures; Fuel duty reduced by 50% (75% for first five years of production if gold price is below USD$1 500); GoL to be granted free carried interest of 10% in the Dugbe gold project; igned through the company’s wholly owned subsidiary Hummingbird Resources (Liberia); and
The Hummingbird mineral agreement is one of the several bills submitted by President Ellen Johnson Sirleaf to the National Legislature. It is among ten legislations that she wants lawmakers to act on in their one month extra ordinary session. .
Bills including; An Act for the establishment of the Gola National Park, Ratifying the Concession Agreement between the Republic of Liberia and Liberia Cocoa, Bill to establish the Liberia rubber fund, the bill to establish the national health institute of Liberia, Mineral Development Agreement with Hummingbird resources and amendment of the Constitution of the Republic of Liberia.
Other bills include; an act to ratify the investment incentive agreement between the republic of Liberia and Sethi ferrofabrik incorporated, a bill for an act adopting the securities and exchange commission of Liberia 2016, an act adopting the central securities depositories of Liberia 2016 and Act to amend the investment code of 2010 adding thereto terminologies to section 2 and the Liberia Tax Amendments Act of 2016, amending the Liberia revenue code amongst others.
The President in a communication also submitted a list of bills that are pending submission that will shortly be submitted to the legislature for action. Those pending bills include; Financing Agreement Liberia Urban water Supply project between the Republic of of Liberia and the international development Association, Ratification of the first amendment to the concession agreement between the Republic of Liberia and LIBINC oil company , ratification of the first amendment to the concession agreement between the Republic of Liberia and Liberia forest products, INC.
Other pending bills include financing agreement (Rural Community Finance Project) between the republic of Liberia and the International fund for agriculture development, and the financing agreement (Tree Corps Extension Finance Project) between the Republic of Liberia and the International fund for Agriculture Development, amongst others.