U.S. Embassy hails the signing of the controversial concession
By Jerromie S. Walters
Monrovia, July 7, 2025 – The U.S. Embassy has hailed the signing of a controversial $1.8 billion concession agreement between the Liberian government and U.S.-based Ivanhoe Atlantic as a milestone in President Joseph Boakai’s push for infrastructure development and foreign investment. However, the deal is being considered controversial as officials of the National Investment Commission (NIC) earlier informed journalists that they had canceled the planned signing ceremony which was slated for Saturday., July 5, 2025.
The agreement, which grants Ivanhoe Atlantic control of the critical Yekepa-to-Buchanan railway, was finalized under unusual circumstances. Over the weekend, journalists were twice barred from witnessing the signing—first on Saturday, July 5, when reporters were turned away after hours of waiting, and again on Sunday, when officials claimed no ceremony would occur. Yet, sources confirm the deal was signed behind closed doors.
The lack of transparency has fueled public skepticism, particularly as the deal coincides with President Boakai’s upcoming high-profile engagement with U.S. President Donald Trump. Reports suggest U.S. State Department officials pressured Liberia to fast-track Ivanhoe’s access, sidelining ArcelorMittal, which has operated the rail for nearly two decades.
Ivanhoe Atlantic—a rebrand of High Power Exploration (HPX) and majority-owned by Canadian mining magnate Robert Friedland—has faced scrutiny over its ties to Chinese firms. While the U.S. Embassy framed the deal as a shift “from aid to trade,” critics question why a company with minimal Liberian investment was prioritized over ArcelorMittal, which has poured billions into the country’s infrastructure.
