Mofe Creek MDA months away from finalisation
JOHANNESBURG (miningweekly.com) – The agreement set to formalise the legal and commercial conditions of the Mofe Creek project for the next 25 years was months away from finalisation, TSX- and JSE-listed Tawana Resources said on Tuesday.
The iron-ore miner this week presented its Mineral Development Agreement (MDA) to the Liberian Interministerial Concessions Committee (IMCC) in what was deemed a critical step before the preparation of a final draft report for presidential signature and its subsequent passing into a Bill for parliamentary ratification.
The MDA is a legally binding agreement, outlining the technical, financial, commercial, socioeconomic, labour and environmental commitments to be undertaken to build, operate and sustain a project within Liberia.
Tawana executive chairperson and CEO Wayne Richards said the company’s ambitions as outlined in the presentation, which was attended by the Liberian National Investment Committee chairperson, Ministers, Deputy Ministers, government department representatives and members of the Interministerial Technical Committee, were “well-received” and supported.
“Tawana is very encouraged by the positive interactions between both parties and the proactive approach towards finalising this agreement,” he said.
The IMCC was responsible for coordinating and overseeing the investment concessional review process and due diligence functions.
All natural resource concession agreements in Liberia, including mining concessions, were negotiated by the IMCC.
Mofe Creek could potentially produce between 1.2-million and 1.5-million tons a year of iron-ore.
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