The Ministry of Lands, Mines and Energy (MLME) is responsible for the administration of the mineral sector, including granting mining licenses, and it has statutory oversight of the energy, land, minerals, and water sectors. The mineral sector is regulated by the Mining and Minerals Law of 2000. The fiscal regime specific for mining companies is set out in the Liberia Revenue Code (LRC) from section 701 to section 739. The main taxes paid by a mining company are: tax on taxable income, royalties and surface rent. The Online Repository contains information on mining licences granted, license areas, periods, status etc.
The MLME regulates the oil and gas industry while the National Oil Company of Liberia (NOCAL), established in 2000, administers and controls the rights, titles, and interests in oil and gas deposits and reserves in Liberian territory. NOCAL also facilitates the development of the oil and gas industry in Liberia and is mandated to grant exploration licences and negotiate all petroleum contracts. The Hydrocarbons Law is the New Oil & Gas Law of Liberia enacted in 2002. The Petroleum Law has only been partially implemented and local content provisions have not been enforced in the first two bidding rounds, primarily because there are no guidelines to implement them. The fiscal regime specific for Oil & Gas companies is set out in the LRC from section 740 to section 799. The main taxes paid by an Oil & Gas company are: tax on taxable income, royalties, surface rental and Signature Fees / Signing Bonus.
The Ministry of Agriculture (MoA) is responsible for the leadership and overall development of the agriculture sector. There is no specific legal framework governing the agriculture sector. The fiscal regime specific for agricultural companies is set out in the LRC from section 600 to section 699. The main taxes paid by an agricultural company are: tax on taxable income and surface rental.
The National Forestry Reform Law (2006) governs the forestry sector and the licenses granted. The main taxes paid by a forestry company are tax on taxable income and surface rental.
As per the 2009 LEITI Act, all contracts in Liberia are public and posted on the LEITI website.
License registry
The Minister of Lands, Mines and Energy grants a prospecting license to eligible applicants if the application is compliant with the requirements set out in the law or regulations.
With agricultural concessions, the Ministry of Agriculture works closely with the National Investment Commission (NIC) in the identification of investors interested in investing in the sector. Once an investor has been identified, the President of Liberia, at the request of NIC, establishes an Inter-Ministerial Concession Committee (IMCC) to review, negotiate and present a Concession Agreement for approval and signing by the President and ratification by the Honourable Legislature.
Top licensees include: ArcelorMittal, ExxonMobile, Chevron, Anandarko Liberia, Repsol,China Union, Putu Iron Ore, Western Cluster Ltd, Equatorial Palm Oil, Golden Veroleum, Firestone Plantation Co etc.