Since 2010 Liberia has made significant progress in reviving the mining sector, which before 1990 had contributed more than 65% of the country’s export earnings and represented about 25% of the country’s GDP.
According to the 2014 - 2015 LEITI Report, the volume of production of the key minerals (Iron Ore, Gold and Diamond) decreased from the previous year. Gold production levels dropped the most with a 38% variance, from 14,740 Oz in 2014 to 9,205 Oz in 2015. The decline is attributed to the shutting down of mines due to the Ebola outbreak coupled with weak demand in the world market. Iron Ore production fell from 4,159,501 Mt to 4,085,120 Mt. A variance of 2% which is attributed to the decline in production can be attributed to the price collapse of Iron ore on the global market as a result of weak demand from China as well as continued increases in new supply.
During the FY14/15, there were four operators (Chevron, European Hydro-carbon limited, Anadarko, Exxon Mobil) in the country working through petroleum agreements with NOCAL. These companies are carrying out exploration activities and until now there has been no production of Oil & Gas in the Liberian Basin.