SANNIQUELLIE, Nimba – The head of the Nimba County Administration, Fong G. Zuagele has reported that the scrap received from the government of Liberia through the management of ArcelorMittal has lost its market value by 60 percent.

Making the disclosure at the recent Nimba County Council Sitting held in Sanniquellie in January, Zuagele told delegates that the scrap lost its value due to the delay in the court, granting a final sale order to the county.

The scraps were left by the former LAMCO Company, which operated the mine prior to the civil war. They were turned over to the people of Nimba County by ArcelorMittal and put up for bidding with two Ghana-based companies competing, North Star Link and Western Steel.

Although Western Steel won both the first and second biddings, the Public Procurement and Concession Commission called for another bidding, because of complaints by North Star to the Commission about irregularities in the bidding processes.

“Since then, legal challenges to the process for its disposal have impeded the county’s ability to benefit from this resource,” Zuagele said.

He said Nimba was found to be in error of the PPCC Act. In the pursuit of legality, Zuagele said the scrap had lost its initial market value.

He added that Nimba was in arrears to a private security firm, which he did not disclose, that was hired to provide protection over the scrap.  The outstanding amount owed to the security firm is US$37,150 after the county paid US$6,710 of the total US$43,860.

Zuagele maintained that as the market price of the scrap deteriorates, the county would be incapable of protecting the scrap, leaving it open to thievery.

Featured photo by Arrington Ballah