1) Tata Steel cleared of charges by Liberian govt; eligible for new bid, 2) Bomi development: Speaker Tyler sets up committee, 3) Unknown men attack Guthrie Rubber Plantation, 4) Liberia: GOL, AfDB/IFAD Sign U.S.$28 Million Program, 5) Liberia: Development Boost!, 6) Liberia: Country Eligible for Millennium Challenge Corporation Threshold Program, 7) Liberia: Newly Furbished Medical Center for Firestone Workers, 8) US$2.6 Billion Investment For Bong Mines, 9) Liberia: CDC Officials Wants Rice Price Reduced, 10) Closes Deal With Severstal to Develop Iron Ore Asset & Mano to Receive US$12.5M to Progress Other Assets, 11) Venga's Affiliate Purchases Principal Dredging Equipment for Liberian Gold Mining Operation, 12)See also: http://liberianature.blogspot.com/
1) Tata Steel cleared of charges by Liberian govt; eligible for new bid
BS Reporter / Kolkata December 19, 2008, 18:38 IST
Tata Steel today said that the Ministry of Justice, Republic Liberia, has cleared the company of all allegations and invited to join the bidding process for the Western Cluster iron ore project.
According to the company statement, the ministry has informed in a communiqué that the investigations had not shown any involvement by Tata Steel in any acts of impropriety, as alleged in media reports, as these have not been substantiated by the investigation panel of Liberia’s Public Procurement and Concession Commission.
The communiqué was in response to Tata Steel’s letter of remonstration to the government of Liberia against the alleged acts of impropriety. The company’s letter also expressed Tata Steel’s anguish and protest against the media report quoting government spokesperson and putting allegations against the company without checking the veracity of the reports and discussing with the company especially in view of the fact that Tata Steel’s bid was rated very high on terms of technical, financial and social aspects by international consultant, engaged by the government of Liberia, said the Tata Steel release.
In addition to this notification received from the ministry, the Appeals Board has decided that Tata Steel is eligible again to participate in the re-tendered bidding process for the Western Cluster Iron Ore deposits. The project is likely to entail an investment of $1.6 billion.
“Tata Steel had always been upfront and transparent in its dealings, as has been the philosophy of the company and the Tata Group, in relation to the bidding process. It would be
prudent to mention here that Tata Steel and Tata Group are the world benchmark in corporate social responsibility and remains committed to improving the quality of life of all the
communities in its areas of operations and believes that it can favourably impact the population of Liberia in ensuring that benefits from its operations reach them,” said the company.
Business Standard (India)
2) Bomi development: Speaker Tyler sets up committee
Written by Mack Rogers
Wednesday, 17 December 2008
The Speaker of the House of Representatives has set up a five member committee to assess and verify projects in Bomi County.
Speaker Alex Tyler set up the committee after Superintendent Mohamed Massaley made a financial break down on all projects in the county.
According to our correspondent, citizens present at the forum claimed the report was faulty.
The five member committee has been mandated to submit its findings in ten days.
3) Unknown men attack Guthrie Rubber Plantation
Written by Mack Rogers
Wednesday, 17 December 2008
Report from the Guthrie Rubber Plantation in Bomi County says unknown persons have burnt down the security booth in the area.
Several concerned workers who called Star Radio said the security booth was set ablaze Monday night.
According to the callers tension is brewing in Guthrie as most of the plantation’s managers have abandoned the area.
One report says a company vehicle which had gone to the main compound for fuel was turned back by angry men.
Star Radio has also credibly learned that aggrieved tapers have threatened to manhandle anyone entering the plantation until their concerns are addressed.
The workers are demanding the immediate restoration of twenty percent of their salary deducted by the company’s management.
The workers argued the deduction was carried out without their consent.
The General Manager of Guthrie Lindall Teage confirmed the workers’ claim but said management acted with the consent of the workers’ union and the two senators.
4) Liberia: GOL, AfDB/IFAD Sign U.S.$28 Million Program
17 December 2008
An aide memoir valued at twenty eight million United States dollars has been signed between the Government of Liberia and the African Development Bank/International Fund for Agricultural Development (AfDB/IFAD).
Performing the signing ceremony last Thursday at the Agriculture Ministry in Sinkor, Minister Dr. J. Chris Toe signed on behalf of government, while the Team Leader of the Joint AfDB/IFAD program signed for the two organizations.
According to inside sources, the government and the international financial institutions will kick off the initiative in 2009 to continue up to 2015.
The program will seek to improve the livelihoods and living conditions of rural communities through restoration and development of agricultural production.
It is expected that funds from the program will support residents in rural communities especially, residents of counties that have not received adequate assistance in the past including, Grand Cape Mount, Grand Bassa, Rural Montserrado, Grand Gedeh, River Gee, Grand Kru and Maryland Counties.
Speaking during the ceremony, Agriculture Minister, J. Chris Toe, expressed delight over the signing of the Aide Memoir, saying that the program is part of the "Lift Liberia" Poverty Reduction Strategy (PRS).
He said the programme, whereby farmers' capacity will be improved and domestic food production increased considerably.
"I wish to implore AfDB/IFAD for the speed at which this program is being implemented and the amount of resources that are being infused in the Liberian economy to assist the poor and most vulnerable people" Dr. Toe noted.
Also speaking, Dr. Marianne Kurzweil, Team Leader of the Joint AfDB/IFAD Program said the program will contribute significantly to poverty reduction; improve agro processing, provide employment opportunities and build the capacity of relevant agricultural institutions.
"I'm optimistic that this program will be a major contributor to the food security situation of Liberia, Dr. Kurzweil said. Of the US$28 million dollars, AfDB will provide US$17 million, IFAD US$10 million and the government of Liberia US$1 million dollars.
There are five components of the program: Component 1 will provide Support to Household Capitalization and Agricultural Development; Component 2 - Support to Community-Based Institutions and Participatory Development; Component 3 -Rural Infrastructure Rehabilitation and Development; Component 4 - Access to Rural Financial Services; and Component 5 - Program
Management spearheaded by the Ministry of Agriculture to include other relevant agencies of government
Copyright © 2008 The Analyst.
5) Liberia: Development Boost!
16 December 2008
The United States of America's endless engagement with accelerating good governance in every country is paying off, handsomely.
Every year, the Millennium Challenge Corporation established by the American government assesses performances of governments in meeting the needs of their citizenry as a precondition for their eligibility for financial grants to those countries.
In this line, Liberia, which has been a worse case scenario over the years, has attracted the attention of the MCC to the point of crossing the initial threshold status that qualifies it to begin applying for compact with the Corporation for grants to help reduce pervasive poverty.
The Analyst picks up from a dispatch emanating from Washington D.C. to highlight the remarkable developmental boost made by the country through the sagacity of the President Ellen Johnson Sirleaf -led government.
The Board of Director of the Millennium Challenge Corporation (MCC) based in Washington D.C., the United States of America, on December 11, 2008 declared Liberia eligible for MCC's threshold program.
The threshold program provides smaller grants to help reform-minded governments improve their performance so as to meet up with policy indicators necessary for participation in the compact program.
In the opinion of the Board, Liberia's performance, "Over the past several years has improved significantly on many of the MCC eligibility indicators."
"The Board took note of the strong evidence of Liberia's commitment to reforms that will foster economic growth and poverty reduction," said MCC Chief Executive Officer Ambassador John Danilovich.
The Board also selected Colombia, Indonesia, and Zambia as new countries eligible for large-scale grant funding under the U.S. government's innovative foreign assistance program to reduce poverty through economic growth. Following the announcement, countries may begin the process of applying for the five-year MCC compacts.
According to the communication from Washington, since its inception in 2004, the MCC has approved compacts totaling over $6.3 billion with 18 partner countries.
While congratulating the selected countries to participate in the compact, the MCC Chief Executive Officer, reminded them saying," Your commitment to good governance and dedication to promoting economic freedom and investing in your people has placed you among a select group of countries working diligently to reduce global poverty through sustainable economic solutions."
In selecting a country as having met the requirements, the Board of Directors considers the policy performance the country using 17 indicators in three areas. The three areas that countries must demonstrate their commitment to good governance include Ruling Justly, Investing in People, and Encouraging Economic Freedom.
According to the Board, these areas and indicators measure a country's demonstrated commitment to policies that promote, among other things, political and economic freedom, investments in education and health care, control of corruption, and respect for civil liberties and the rule of law.
The Board also takes into consideration the opportunity for MCC to reduce poverty and generate economic growth, and available budgetary resources.
Ambassador Danilovich added, "Being eligible for MCC funding does not mean a country will automatically receive a compact. Governments must demonstrate leadership in the broad-based consultative process to develop proposals that address barriers to poverty reduction and economic growth."
Additional countries that the Board has declared to be able to continue the process of developing compacts for 2009 include Jordan, Malawi, Moldova, Philippines, and Senegal.
"Given sufficient resources allocated by Congress, MCC looks forward to long-term partnerships with these countries as they create their own plans to empower their poorest citizens," said Ambassador Danilovich.
"The Board agreed that the Philippines remain eligible for developing a compact proposal, but emphasized that the MCC will not sign a compact until the country passes the indicator criteria on corruption.
The Board also reiterated the importance of this principle with respect to all its partner countries. The Board called upon the government of the Philippines to intensify its efforts to fight corruption and will closely monitor the country's performance," said Ambassador Danilovich.
The Board also voted to suspend assistance for new activities under the $175 million MCC compact in Nicaragua because of actions taken by the Nicaraguan government that are inconsistent with MCC's eligibility criteria.
MCC will therefore not approve disbursements for activities not already contracted by MCA-Nicaragua.
Providing justification for the suspension of the Nicaraguan compact, the Board indicated that the political conditions leading up to, during, and following the recent elections in that country were not consistent with MCC requirements that include a commitment to policies that promote political freedom and respect for civil liberties and the rule of law.
In order to get the suspension lifted, Nicaragua has to develop and implement a comprehensive set of measures to address concerns regarding the government's commitment to democratic principles. When these measures are taken, the Board will review the response of the Nicaraguan government and determine subsequent actions at the next quarterly Board meeting that will take place in March 2009.
"The MCC model is based on aid with accountability and good governance. The Board determined that recent actions by the Nicaraguan government were inconsistent with the core principles of the MCC's and therefore had to take the difficult decision," said Ambassador Danilovich.
"Nicaragua's compact with MCC goes to benefit hundreds of thousands of poor Nicaraguans by providing better roads, property titles, and agricultural business support. For the sake of the poor of the country, we sincerely hope that the Nicaraguan government recommits to the principles of democracy and the rule of law so that MCC can reestablish what has been an effective partnership.
" It should be remembered that our partnership with Nicaragua is dedicated to both poverty reduction and good government policies."
The MCC Board also decided not to reselect Bolivia, Ukraine, and Timor-Leste as eligible for MCC compact assistance. The Board did, however, designate Timor-Leste as threshold eligible and invited the country to submit a threshold program proposal.
MCC will continue to work with Ukraine as it implements its ongoing threshold program specifically addressing weaknesses in its policy performance. In addition, the Board decided that Yemen is no longer eligible for threshold program assistance.
The Board also reviewed progress made on reform measures initiated by the government of Armenia over recent months.
The Board reiterated its concerns about the status of democratic governance in the country and underlined its expectations that the government of Armenia fulfill commitments to implement substantive reforms.
The Board noted that it would again review Armenia's performance and examine continued collaboration with the country during its March meeting.
The dispatch highlighted that the meeting was the last for the public members of the Board who are members of the current George W. Bush administration.
"It has been an extraordinary opportunity and privilege to serve with the members of the Board," said Ambassador Danilovich.
"The MCC is strengthened in fulfilling its mission to reduce poverty through economic development by the dedication of worthy public servants from the Department of State, Department of the Treasury, the U.S. Trade Representative, and USAID and also by our four private sector Board members.
My fellow colleagues at MCC deserve abundant praise and credit for their great achievement in creating what is now internationally acknowledged as an innovative and successful model of development assistance. Our Deputy CEO, Rodney Bent, will remain at MCC to ensure continuity of our model and country programs during this period of political transition."
The Millennium Challenge Corporation is a unique government agency that includes private and public sector members on its Board.
The MCC Board of Directors is composed of the Secretary of State, the Secretary of Treasury, the U.S. Trade Representative, the Administrator of USAID, the CEO of MCC, and four private sector members appointed by the President of the United States with the advice and consent of the U.S. Senate. The Secretary of State is the Chair of the Board and the Secretary of Treasury is the Vice Chair.
The Millennium Challenge Corporation, a U.S. government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic, and social policies that promote poverty reduction through economic growth. For more information about MCC, visit www.mcc.gov.
Copyright © 2008 The Analyst.
6) Liberia: Country Eligible for Millennium Challenge Corporation Threshold Program
15 December 2008
President Ellen Johnson Sirleaf has welcomed an announcement last week that Liberia has qualified for a threshold program of the Millennium Challenge Corporation (MCC) of the United States of America. An Executive Mansion release says the President described the development as a manifestation that steady progress is being made in Government's efforts towards reform. The President expressed the hope that in two years, significant progress would have been made to fully qualify Liberia for MCC benefits. The President said that despite daunting challenges, Government will continue to accelerate its reform agenda.
The President lauded Government ministries and agencies as well as other development partners for their contribution in achieving Liberia's full designation under the Millennium Challenge Account.
The Board of Directors of the MCC last week selected Liberia for the Millennium Challenge Corporation's threshold program. The program provides smaller grants to help reform-minded governments improve their performance on the policy indicators necessary for participation in the complete program.
In an announcement last week, MCC's Chief Executive Officer, Ambassador John Danilovich, said Liberia's performance has improved significantly on many of the MCC eligibility indicators.
The MCC Board, he said, took note of the strong evidence of Liberia's commitment to reforms that will foster economic growth and poverty reduction.
Planning & Economic Affairs Minister, Amara Konneh, described the country's qualification for the MCC threshold program this year as a great achievement for Liberia. "It is an endorsement of the leadership of President Ellen Johnson Sirleaf and the diligent implementation of our country's Poverty Reduction Program," Mr. Konneh told a news conference Monday at the Planning Ministry.
In making its country selection decisions, the MCC Board considers the policy performance of candidate countries using 17 indicators in three areas-Ruling Justly, Investing in People, and Encouraging Economic Freedom. These indicators measure countries' demonstrated commitment to policies that promote, among other things, political and economic freedom, investments in education and health care, control of corruption, and respect for civil liberties and the rule of law. The Board also takes into consideration the opportunity for the MCC to reduce poverty and generate economic growth, and available budgetary resources.
Columbia, Indonesia and Zambia were selected last week as new countries eligible for large-scale grant funding under the U.S. Government's innovative foreign assistance program to reduce poverty through economic growth.
Following last week's announcement, the eligible countries may begin the process of applying for the five-year MCC final eligibility status. Since its inception in 2004, the MCC has approved programming totaling over USD$6.3 billion with 18 partner countries.
Copyright © 2008 Liberia Government.
7) Liberia: Newly Furbished Medical Center for Firestone Workers
13 December 2008
Monrovia — The newly refurbished Firestone Medical Center in Harbel, Margibi County, has been formally dedicated. The facilities were opened Friday by President Ellen Johnson Sirleaf at ceremonies marking the occasion.
President Johnson Sirleaf, in remarks marking the formal opening of the Medical center, praised the Firestone Company for working towards improving the needs of the workers. The President expressed satisfaction that much of the terms of the contract Government renegotiated with the company under its concession, are now in place. The Liberian leader also commended Firestone for producing a five-year development plan under the renegotiation of concession terms. Despite the progress, an Executive Mansion release quotes the President as saying, there is still more that needs to be done.
Responding on behalf of the company, the Managing Director of Firestone Liberia, Mr. Charles Stuart, described the Medical Center as a step in a long journey. He assured the President
of his company's fullest support in Government's reconstruction drive. The ceremony was also attended by Mr. Dan Adomitis, Chief Executive Officer of Firestone-USA and United States Ambassador Linda Thomas Greenfield.
Located around the Duside vicinity, the 300-bed room Medical Center includes 2 health centers, 4 health posts and a mobile unit. The center is expected to cater to the workers of the company as well as the general public.
In another development, President Johnson Sirleaf has broken grounds for the construction of a market in Cotton Tree, Margibi County. The market is to be constructed on a two-acre
landscape by Measuagon Limited, a non-governmental organization owned and founded by the Liberian leader. The President was joined Friday in the ground-breaking ceremony by the head of the Margibi County legislative caucus, Senator Clarice Jah. The project comes out of a request made by the women of Margibi County to the Liberian leader.
The President has also participated in the 176th Founders' Day celebrations of Edina City in Grand Bassa County. The Liberian leader paid tribute to what she described as 'the deep sense of history of Edina' and challenged members of government who hail from the area, to work towards its development, by constructing homes or promoting its rich tourism potential.
As part of the celebrations the President also laid a wreath on the grave site of Liberia's former President Joseph Cheeseman, who hailed from Edina and is buried in the area.
Like many areas in Liberia, Edina bore its share of country's civil conflict leaving many of the settlement's infrastructures in ruins.
Copyright © 2008 Liberia Government.
8) US$2.6 Billion Investment For Bong Mines
By Morrison O.G. Sayon
Barely a week following the arrival of Seaboard Corporation with an initial investment of US30million, another company has arrived in the country with a huge investment package.
A Chinese company, China Union Investment Company, Limited has arrived in the country with an investment of US$2.6 billion believed to be the largest investment under the administration of President Ellen Johnson-Sirleaf.
China Union Company Limited is expected to invest in one of Liberia’s most prosperous site, the Bong Ranges, formerly operated by the Bong Mines Company (BMC). The Chinese company recently successfully won a bid to operate Bong mines with a very high score.
Speaking yesterday at the National Investment Commission (NIC) offices where a team of government negotiators and a high powered delegation from the China Union Company held their first meeting, NIC Chairman, Dr. Richard V. Tolbert described the US$2.6 billion investment project as very important to the government of Liberia.
Dr. Tolbert said the investment project is the largest to come to Liberia since the inception of the Unity Party government headed by President Sirleaf. He said the coming of the investors to invest such huge amount in Liberia that is just emerging from a devastating civil unrest is a clear manifestation of the level of trust and interest the international community has in Liberia.
“This will be a substantial project and a long time future for our nation. Your presence here today indicates your interest in Liberia. You won the bid based on transparency and you won 99% out of 100%,” the NIC boss averred.
He said if the negotiation that is ongoing between the company and the Liberian government goes well the project will be implemented in 2009 and in five year’s time, China Union will create about 3,000 jobs for Liberians.
Presenting a graphic description of the investment project, the Chief Executive Officer (CEO) of China Union, Mr. Yin Fuyou disclosed that his company will construct a 130MW Hydro Power Plant on the St. Paul River to supply electricity to Monrovia and other areas.
Mr. Yin who spoke through an interpreter noted that Bong Mines will be transformed with modern facilities including a residential area for employees of the company. He said the company will also create an agricultural site where rice and other crops will be planted.
China Union, according to Mr. Yin, will also build a park where livestock will be raised. He said the ore that will be extracted from the mountains of Liberia would benefit every Liberian as the company will be producing steel in the country.
Earlier, Labor Minister, Samuel Kofi Woods stressed the need for the creation of more jobs for thousands of Liberians who are jobless. Minister Woods said to create jobs is a major factor to economic growth and a boost for social economic development.
The Labor minister and other ministers on the government’s negotiation team lauded the Chinese Company for winning the bid and assured the company of government’s support to its operation in the country.
2005 The Inquirer Newspaper
9) Liberia: CDC Officials Wants Rice Price Reduced
12 December 2008
A Senior Executive of the Congress for Democratic Change (CDC) Mr. Acarous M. Gray says he still feel fearless and have no regret as one of the Executive of the CDC who publicly denounced the inauguration of an unpopular president madam Ellen Johnson Sirleaf who he claimed election in no uncertain terms remains disputed.
In a four page statement issued to the Inquirer yesterday bearing the name of Mr. Gray indicated that realizing the caricature and bloody past associated with the 1927, 1951, 1995 and 1997 presidential election in Liberia coupled with the CDC aimed of demonstrating political vow for a peaceful Liberia he was moved by the years of suffering of Liberians and chose the patriotic path of abandoning a protest that could reward Liberia another bloodletting.
The statement said that some compatriots may envisage the humble compromise for peace as cowardly but noted that he (Gray) 'CDC action was a clear manifestation of those who bear the true standards of nationalism and patriotism.
"Today I feel more obligated to defend to political death Liberians who are voiceless and those of our people who are victims of corrupt and tyrannical Liberian regimes" the statement lamented.
The statement further said that Mr. Gray commitment to his people, meaning the haves-not, will not wither nor will he kowtow to the political accommodation of the current administration.
The statement continued that as the gap between the rich and the poor deepens, the bad policy on food security keeps hunting the masses coupled with the rhythm of corruption deeply echoes into the spine of the Sirleaf-led administration, backed by imperial pieces of evidence ranging from Knuckles Gate II, the BRE agreement, the ADEX oil deal, the GAC Audit Report, and the Central Bank criminal cartel among others.
The CDC Executive statement further indicated that as the party painstakingly gravitate towards the close of the year 2008 and with a call from impoverished Liberians to champion their economic concern he was gratified to execute their unwavering quest to see an immediate and drastic reduction in the price of Liberia's staple food rice.
The statement also reminded president Sirleaf of her campaign promises of free market, instead of flooding the rice market with what the statement termed as (political midfielders such as: Mr. John Bestman, Abdallah Sherif, and Allen Brown among others.
The statement continued by saying that months ago the Liberian government through the ministry of Commerce and Information strongly justified the astronomical increase in the price of rice on the local market.
According to the government the statement continued it was bad harvest in Asia backed by an increase in the price of rice on the world market indicating that factors that led to the domestic hiking in the price of rice.
According to the statement a metric ton of rice made of twenty rice bags was costing about US$ 650.00 to US$ 860 including shipment to Liberia.
The CDC executive statement also stated that today a metric ton of rice including shipment to Liberia is about US$ 450.00.
The statement added that the above price reduction coupled with other domestic taxes will in no doubt put the cost of US$ 35.00 for a bag of rice to a maximum cost about US$27.00.
Sadly, the statement continued that the price of a bag of rice ranges from US$ 35.00 to US$60.00 on the local market.
The statement said on many occasion this year, the government of Liberia and its propagandists boasted of having the cheapest sale of rice in West Africa, but to the dismay of the Liberian masses the bag of rice sold in Liberia for US$ 35.00 is sold in Sierra Leone for US$ 27.00.
The statement later made reference to president Sirleaf upon taking office where by the ministry of Commerce cruelty introduced a monopoly on the importation of rice to Liberia thus giving an exclusive right to the ephemeral Sinkor Trading Company (STC) to bring in rice.
The CDC executive statement attributed to newspaper reports that these papers were able to establish that Sinkor Trading Company (STC) was operating without an official office site and at the same time proceeds from the rice stabilization funds were use to settled taxes for the company with the hope of a future payment.
Meanwhile, the CDC executive said that with the exception of FOUTA Corporation business the rest of the importers of rice which includes: Harmony Trading Company, SDTM and Group Seven are all new in this establishment in this lucrative business.
The statement also question as to how FOUTA,one of the local importer survive or continued to survive the test of time.
Copyright © 2008 The Inquirer.
10) Closes Deal With Severstal to Develop Iron Ore Asset & Mano to Receive US$12.5M to Progress Other Assets
Friday, Dec 12, 2008
Mano River Resources Inc Mano River Resources Inc, the TSX-V and AIM-listed exploration and development company focused on iron ore, diamonds and gold in west Africa, is pleased to announce that it has closed the transaction with Severstal Resources indirect wholly-owned Dutch subsidiary, Lybica Holding B.V. to finance and develop the Companys Putu Range iron ore project in south eastern Liberia which is held under African Iron Ore Group Ltd.
Further to the agreement signed on 22 May 2008, Severstal has now acquired a 61.5% equity interest in AIOG while Manos holding has been reduced from 80% to 38.5%. In light of Severstals majority interest, AIOG will be re-named Severstal Liberia Iron Ore Ltd. and Severstal will become the operator on the Project. The parties have also entered into a shareholders agreement to govern their relationship. The Company had previously announced on 24 October 2008 the two year extension of Manos Putu Range Iron Ore exploration licence, which satisfied all material legal requirements for the Company to close the deal with Severstal.
Source: Trading Markets
11) Venga's Affiliate Purchases Principal Dredging Equipment for Liberian Gold Mining Operation: Venga Increases Its Ownership Interest in GMI to 20%
Tuesday, December 09, 2008
TORONTO, ONTARIO, Dec 09, 2008 (MARKET WIRE via COMTEX) ----Venga Aerospace Systems Inc. (TSX VENTURE: VAV)(PINK SHEETS: VNGAF) (the "Company") announced that its mining affiliate, Global Mineral Investments, LLC ("GMI"), has now purchased the main mining dredge and related equipment that will be used in GMI's gold dredging operation that will be carried on in those portions of the Upper Tartweh River flowing through GMI's GoldMatta concession located in the Sanquin Mining Zone, Sinoe County,
Republic of Liberia. Delivery of the newly acquired mining dredge to GMI's GoldMatta mining site is expected to occur in early March of 2009.
Venga further announced that pursuant to the funding and operational agreement (the "Funding Agreement") that Venga entered into with GMI and first announced in the Company's press releases dated October 10 and November 24, 2008, the Company has now increased its ownership interest in GMI from 4% to 20%. The Funding Agreement also grants Venga a two-year option of acquiring up to a further 5% equity interest in GMI at a price of $100,000 USD per 1% of GMI that the Company so elects to acquire.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.
SHARES ISSUED: 239,171,893
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Aerospace Systems Inc. Hirsh Kwinter President (514) 489-7175 Email: venga@...
SOURCE: Venga Aerospace Systems Inc.
Copyright 2008 Market Wire, All rights reserved.
12)See also: http://liberianature.blogspot.com/