Liberia is stepping up efforts to develop its reserves of lithium and cobalt in a bid to diversify an economy historically anchored in iron ore.
The government hopes that investments in these strategic minerals will help modernize the mining industry and strengthen the nation’s role in global supply chains tied to clean energy.
President Joseph Boakai last week appointed Matenokay Tingban as the new Minister of Mines and Energy, succeeding Wilmot J. M. Paye, who had served since 2024.
According to Reuters, the leadership change is part of the president’s broader campaign to enhance governance and streamline government operations.
The appointment also signals Monrovia’s intent to prioritize the exploration of critical minerals such as lithium and cobalt-essential materials for batteries and renewable technologies.
Diversifying a Traditional Sector
Iron ore has been Liberia’s economic cornerstone for decades, contributing nearly half of national revenues before 1990, according to the Liberia National Investment Commission.
Although gold production has increased and slightly reduced that dependence, iron ore and gold together still dominate the nation’s mineral exports, data from the Liberia Extractive Industries Transparency Initiative (LEITI) show.
In an interview earlier this year, former Mines Minister Paye described the development of critical minerals as “the new challenge for Liberia’s mining sector.”
He noted that a recent geological survey revealed over a dozen critical mineral deposits, including lithium, cobalt, copper, and nickel.
“With this scientific data in hand, we are engaging with global investors eager to participate in Liberia’s next mining frontier,” Paye said in an interview with Energy Capital & Power in February.
His comments echoed earlier remarks from President Boakai, who told Bloomberg in January that Liberia could attract up to $3 billion in new investments following the discovery of these minerals.
The government’s growing emphasis on the sector was also underscored during an October meeting in Washington between U.S. Secretary of State Marco Rubio and Liberian Foreign Minister Sara Nyanti, where both sides explored expanding U.S. involvement in Liberia’s critical minerals industry.
Rising Global Demand
Liberia’s strategic shift coincides with a booming global market for critical minerals, fueled by the energy transition.
The International Energy Agency (IEA) forecasts that the combined value of major energy transition minerals, including lithium, nickel, cobalt, copper, graphite, and rare earths, could reach $770 billion by 2040, more than doubling from today’s estimated $325 billion.
This global outlook offers a promising opportunity for Liberia to attract investors and develop new projects.
However, experts warn that progress will depend on transparency and data accessibility.
Despite the completion of a mineral potential survey, the government has yet to release detailed reserve estimates, a gap that could deter investment.
“If African countries want serious investment, they must make their geological data publicly available,” said Mark Cutifani, former chairman of Vale Base Metals, during the London Indaba in July. “Transparency builds confidence and ensures fair value for resources.”
Minister Tingban assumes office, observers are watching closely to see whether he will maintain the current administration’s focus on critical minerals or chart a new course for Liberia’s mining future.
Either way, success in attracting investment and ensuring transparency could determine whether Liberia can shift from an iron ore-dependent economy to a diversified mining powerhouse in the years ahead.
