Liberia, recognized as Africa's oldest modern republic, is making strides in the global gold mining industry, thanks to its rich mineral resources and favorable investment climate. Pasofino Gold (OTC: EFRGF) is leading the charge with its Dugbe Gold Project, a venture that highlights Liberia's potential to become a major gold producer in West Africa. The project, covering 2,078 square kilometers in southern Liberia, is under a 25-year agreement with the Liberian government, which includes a 3% royalty rate on gold production and a 25% income tax rate, with the government holding a 10% interest in the project.
The Dugbe Gold Project has already identified significant gold deposits in the Dugbe F and Tuzon areas, with a combined Measured and Indicated Resource of approximately 3.3 million ounces of gold. Despite exploring less than 20% of the project area, the presence of multiple drill-ready targets with surface gold mineralization points to a promising future for gold extraction in the region. This development is not only a testament to Liberia's mineral wealth but also to the country's efforts to create a stable and attractive environment for mining investments.
Liberia's compliance with the Extractive Industries Transparency Initiative (EITI) since 2011 and its adoption of mining laws based on Australian regulations have bolstered its reputation among international investors. With Foreign Direct Investment (FDI) exceeding $18 billion, Liberia is emerging as a lucrative destination for mining ventures in West Africa. The success of the Dugbe Gold Project could further enhance Liberia's economic landscape by attracting more investments, creating jobs, and diversifying the country's revenue sources.
For the global gold market, the advancement of the Dugbe Gold Project signifies a potential increase in gold supply, which could influence market dynamics and prices. As Pasofino Gold continues to explore and develop the project, the implications for Liberia's economy and its standing in the international mining sector are profound. The project not only underscores Liberia's untapped mineral potential but also its capacity to contribute significantly to the global gold industry.
