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Monrovia – Contrary to pronouncement from the Liberian government that it has hoked a big fish in the world’s mining industry, Fortescue Metals Group founded by billionaire Andrew Forrest, the world’s No. 4 iron ore exporter, has denied ever signing any deal with the George Weah-led government, PUNCH FM/TV online service has reliably learned.
In the face of a dwindling economy underpinned by skyrocketing inflation of 23.8% resulting to extreme hardship which is constraining several local and foreign companies to either fold up or scale down operations as well as their workforce, attracting any real foreign investment deal has eluded the administration of retired footballer turned politician Weah for the period of close to two years of its existence.
The Executive Mansion issued a statement Monday, indicating that the Weah-led government on July 14, 2019, signed a Memorandum of Understanding with what it called the “joint Corporation of Fortescue Metals Group and Al Maktoum Company”, with President Weah and billionaire founder and CEO Forrest observing the signing ceremony.
The Executive Mansion statement said in line with the Memorandum of Understanding, the “joint Corporation of Fortescue Metals Group and Al Maktoum Company” will among other things, upgrade the existing railways in Buchanan for now and will subsequently build new railways from Guinea to the Port of Buchanan without a cost to the Liberian government.
But in a counter-statement issued Thursday, Fortescue Metals Group acknowledged having held talks in Liberia on opportunities in the country but refutes a claim made by the Weah-led government that the world mental giant-company has already agreed to join a plan to upgrade Liberia’s railways.
Upgrading the country’s railways is a key step to unlocking iron ore wealth in neighboring Guinea – to support initiatives recently forged between Presidents George Weah of Liberia and Alpha Conde of Guinea aimed at both countries working to ensure the efficient implementation of a memorandum of understanding concerning the transportation of natural resources from Guinea.
Fortescue Metals Group Chief Executive Officer Elizabeth Gaines said Thursday that Founder and CEO Andrew Forrest, the billionaire attended meetings in Liberia, including with President Weah, to discuss philanthropic work “as well as potential future economic and development opportunities,” but disputes the Liberian government assertions that there was deal signed, stating that talks the billionaire Founder and CEO held in Liberia were introductory and that Forrest’s company hasn’t entered into any specific commitments with the Government of Liberia.
“Fortescue is not a party to any agreement with the Liberian government,” Gaines said.
