Liberia, Africa’s oldest modern republic, is emerging as a significant player in the global gold mining industry. With a history rich in mineral resources, including gold, diamonds, and iron ore, the country is now attracting substantial foreign investment in its mining sector. Pasofino Gold (OTC: EFRGF), a key player in this developing market, is at the forefront of exploring Liberia’s untapped gold potential through its Dugbe Gold Project.
Liberia’s mining sector has long been a cornerstone of its economy, with iron ore revenues accounting for nearly half of the country’s earnings before 1990. In recent years, the gold mining industry has seen a shift from small-scale artisanal operations to large-scale investments from international companies. This transition has paved the way for companies like Pasofino Gold to explore and develop Liberia’s vast mineral resources.
The Liberian government’s pro-mining stance has created a favorable environment for mining activities. Since 2011, Liberia has been compliant with the Extractive Industries Transparency Initiative (EITI), becoming the first African country to adhere to its regulations. The country’s mining laws, based on Australian mining regulations, provide stability and clarity for the industry. With Foreign Direct Investment (FDI) surpassing $18 billion, Liberia has positioned itself as an attractive investment destination in West Africa.
Pasofino Gold’s flagship project, the Dugbe Gold Project, covers an extensive area of 2,078 square kilometers in southern Liberia. The project operates under a 25-year agreement with the Liberian government, which includes a 3% royalty rate on gold production and a 25% income tax rate. The government also holds a 10% interest in the project, demonstrating its commitment to the development of the mining sector.
Despite exploring less than 20% of the project area, Pasofino Gold has already reported promising discoveries. The Dugbe F and Tuzon areas hold a combined Measured and Indicated Resource of approximately 3.3 million ounces of gold. Multiple drill-ready targets also display abundant gold mineralization at the surface, indicating significant potential for future growth.
The Dugbe Gold Project encompasses 15 or more targets within its license area, with only five having been drilled so far. Two of these targets, Tuzon and Dugbe F, were initially discovered by Hummingbird Resources in 2009 and 2011, respectively. Pasofino Gold sees opportunities to optimize the feasibility study, which was completed during the challenging period of the COVID-19 pandemic.
The development of the Dugbe Gold Project could have far-reaching implications for Liberia’s economy and its position in the global gold market. As Pasofino Gold continues to explore and develop the project, it has the potential to contribute significantly to Liberia’s economic growth and establish the country as a major gold producer in West Africa.
The success of the Dugbe Gold Project could also attract further international investment to Liberia’s mining sector, potentially leading to the development of additional mineral resources and creating new employment opportunities for the local population. As Liberia continues to develop its mining industry, it may see increased economic stability and diversification of its revenue streams.
For investors and industry observers, the progress of Pasofino Gold’s Dugbe Gold Project represents an important development in the West African gold mining sector. As exploration continues and more resources are potentially identified, the project could become a significant contributor to the global gold supply, potentially impacting gold prices and market dynamics.
This news story relied on a press release distributed by News Direct. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Pasofino Gold Aims to Tap into Liberia’s Rich Gold Reserves.