Monrovia, Liberia – The government of Liberia and the massive Russian mining company Severstal have agreed to back Planet One Natural Resources Holdings as the preferred successor operator, despite objections from a local Liberian consortium and affected communities. The future of Liberia’s Putu Iron Ore Project is now the subject of a rising controversy.
The Ministry of Mines and Energy has already approved the transfer of the Putu concession to Planet One, according to documents FrontPage Africa was able to secure. The government accepted the proposed change of control in accordance with Section 23.4 of the Mineral Development Agreement (MDA) in a letter dated April 22, 2026, and signed by Acting Mines Minister Eudora Blay-Pritchard.
Severstal, which owns the concession under a 2010 agreement but has had difficulty operationalizing the plant, has been actively pressing for the ruling. The business is currently looking to transfer ownership to a different operator. Severstal strongly backed Planet One in several communications with the Liberian government, including a letter to Mines and Energy Minister Matenokay Tingban dated March 12, 2026, claiming that the company is far more developed than its rivals in terms of due diligence, financing readiness, and transaction timeliness.
Africa Metallic Resources (AMR), a Liberian-led group that had previously been regarded as the preferred bidder, came under heavy fire from Severstal, who described it as the “least advanced” of possible transferees. The company claims that AMR only made a non-binding offer in January 2026, that it has not finished due diligence, that it has not provided adequate evidence of funding, and that it has not substantively responded to important acquisition documents.
“Proof of funds satisfactory to Severstal is one of the key elements of the envisaged transaction, and so far it is completely unclear whether AMR will be able to provide such proof,” the company stated.
Additionally, Severstal questioned AMR’s claims to have engaged the U.S. Office of Foreign Assets Control (OFAC) license process, pointing out that no concrete proof had been presented and speculating that any such procedure would probably need to restart with official approvals. AMR has not yet responded to these allegations.
The government’s stance has been publicly reaffirmed by Vice President Jeremiah Koung, who claims that officials abandoned AMR when it was unable to provide realistic financial capability. “We asked them for proof of funds. In four, five months, they haven’t started anything,” Koung said during an appearance on ELBC. “We took a decision: let’s go with Planet One.”
He revealed that Planet One, a company with Indian partners based in Dubai, has since provided evidence of finances and is anticipated to move forward with the transfer. According to Koung, the project might start up again in 15 to 20 months, which might result in major economic advantages for southeast Liberia, including the settlement of about US$40 million in unpaid debts.
The government’s position contrasts sharply with earlier reports stating that AMR was selected as the preferred developer following a competitive review process. The government’s action was applauded at the time by AMR, which described it as a step toward promoting local ownership and indigenous participation in the mining sector.
Claiming to have demonstrated substantial technological capabilities and financial assistance, the company pledged to prioritize local content development and domestic value retention. The Putu Contact Group (PCG), which represents the project’s impacted communities, has voiced significant resistance to the apparent move toward Planet One.
According to the organization, Planet One received 55.6 points, whereas AMR received 88.6 and JSW received 66.2, making it the lowest-scoring bidder in the government’s own assessment. PCG Chairman Joseph W. Geebro questioned the choice to give preference to a lower-ranked business over bidders who performed better.
Credit: Gerald C. Koinyeneh
