Monrovia– In an effort to clear stockpiles of material and ensure exporters compliance, President Joseph Nyuma Boakai has issued a directive temporarily lifting the moratorium on the export of Heavy Metal Sand (HMS), the Executive Mansion says.
By J.H. Webster Clayeh (0886729972)-[email protected]
This directive, according to a Executive Mansion press release, will allow licensed HMS exporters, who had prepared shipments before the moratorium, a grace period of sixty (60) days to export their already-packaged and prepared HMS.
“This temporary measure, effective immediately, is designed to facilitate the clearing of stockpiled materials while ensuring that all future HMS exports comply with the updated regulations issued by the Ministry of Mines and Energy,” the statement from the Executive Mansion stated.
“These regulations are designed to strengthen our resource governance framework, ensuring that our natural resources contribute meaningfully to Liberia’s economic development and benefit all Liberians,” the statement from the Executive Mansion quoted President Boakai.
The new HMS regulations were recently reviewed and endorsed by President Boakai.
It is a significant step toward improving the management and oversight of Liberia’s HMS industry.
The regulations include two key provisions, the Restricted Licensing and Increased Royalty Payments.
HMS mining licenses will be limited to a maximum of three operators to enhance oversight and ensure government revenue collection is streamlined and effective, the Executive Mansion stated.
Also, exporters will now be required to pay an increased royalty of 8%, up from 3%, upfront, reflecting the government’s commitment to ensuring the equitable distribution of natural resource revenues, the Executive Mansion stated.
The Ministry of Mines and Energy, the Liberia Revenue Authority, and the Ministry of Finance and Development Planning (MFDP) have all been tasked with ensuring full compliance with the directive from the President.
The President further reaffirmed his Administration’s dedication to promoting sustainable and transparent resource management practices.
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