By: The new dawn Liberia

The announcement that Mansa Resources intends to invest approximately US$600 million in the development of Liberia’s Dugbe Gold Project should be welcomed as a potentially transformative opportunity for the country’s economy. If successfully implemented, the project could generate thousands of jobs, stimulate economic activity in southeastern Liberia, increase government revenues, and position Liberia as a major player in West Africa’s gold industry.

However, given Liberia’s history of concession agreements that have often failed to deliver meaningful benefits to ordinary citizens, the arrival of Mansa Resources should also be met with rigorous scrutiny, transparency, and accountability.

The central question is not whether Liberia needs foreign investment. It does.

The question is whether Liberia’s institutions have conducted sufficient due diligence to ensure that this investment serves the long-term interests of the Liberian people.

Who Is Mansa Resources?

Mansa Resources is a Dubai-registered mining company established to manage gold assets across West Africa. The company emerged following the restructuring and acquisition of key mining assets previously controlled by Hummingbird Resources Plc, a British mining company that operated gold projects in Mali, Guinea, and Liberia.

The company is closely associated with Burkinabé billionaire Idrissa Nassa, founder of Coris Bank International and one of West Africa’s most influential financiers.

Through his investment vehicle, Nioko Resources Corporation, Nassa became the dominant shareholder of Hummingbird Resources after the company encountered severe financial difficulties.

Faced with debts reportedly exceeding US$160 million, much of which was owed to entities linked to Coris Bank, Hummingbird struggled with operational challenges and production delays at several of its mining assets.

As part of a restructuring process, Nioko Resources converted approximately US$30 million in unsecured debt into equity, increasing its ownership stake to more than 70 percent. The company subsequently launched an offer to acquire the remaining shares, resulting in the complete takeover and delisting of Hummingbird Resources from the London Stock Exchange.

Through this acquisition, Idrissa Nassa gained effective control of several major gold assets, including:

• The Yanfolila Gold Mine in Mali;
• The Kouroussa Gold Mine in Guinea; and
• Hummingbird’s controlling interest in Liberia’s Dugbe Gold Project through Pasofino Gold.

These assets were later consolidated under Mansa Resources, which also secured investment support and board representation from New York-based Orion Resource Partners, one of the world’s leading mining investment firms.

Who Is the CEO of Mansa Resources?

In January 2026, Idrissa Nassa appointed French mining executive Sébastien de Montessus as Chief Executive Officer of Mansa Resources.

The appointment attracted significant attention throughout the mining industry because of de Montessus’s high-profile departure from Endeavour Mining, one of Africa’s largest gold producers.

Prior to joining Mansa Resources, de Montessus served as CEO of Endeavour Mining from 2016 until January 2024.

Under his leadership, Endeavour expanded into one of Africa’s largest gold mining companies, with operations spanning Côte d’Ivoire, Burkina Faso, and Senegal.

However, his tenure ended abruptly.

In January 2024, Endeavour Mining announced that it had terminated de Montessus’s employment following an internal investigation into undisclosed payment instructions totaling approximately US$15 million.

According to the company’s findings, the payments had been concealed from the board and recorded as contractor advances. The investigation also examined an additional US$5.9 million payment associated with an asset transaction that was allegedly not disclosed to directors.

Importantly, Endeavour Mining stated that its investigation found no evidence of bribery and no evidence that funds had been directed to sanctioned entities or terrorist organizations.

Nevertheless, the company concluded that significant corporate governance failures had occurred and characterized the matter as “serious misconduct.”

The controversy ultimately resulted in a settlement, financial penalties, and the forfeiture of substantial compensation and bonuses.

De Montessus has consistently maintained that his actions did not cause financial losses to the company.

Previous Controversies

Beyond his departure from Endeavour Mining, de Montessus has also been associated with judicial investigations in France related to the controversial acquisition of Canadian mining company UraMin by the French nuclear giant Areva.

The acquisition, completed in 2007 for approximately €1.8 billion, was intended to secure uranium assets across Africa, including projects in Namibia, South Africa, and the Central African Republic.

The transaction later became one of the most controversial mining acquisitions in French corporate history after the assets proved far less valuable than initially expected, resulting in massive write-downs and losses.

Following years of investigations, French authorities formally charged de Montessus in 2024 in connection with allegations involving corporate disclosures and accounting matters related to the transaction.

As with any legal proceedings, these allegations remain subject to judicial determination and should not be interpreted as proof of wrongdoing.

Nevertheless, they contribute to a broader record of corporate controversies that naturally raise questions whenever de Montessus assumes leadership of major mining ventures.

Why the Dugbe Gold Project Matters

The Dugbe Gold Project is among the most significant undeveloped gold assets in West Africa.

Located in Sinoe and Grand Gedeh Counties, the project encompasses more than 2,300 square kilometers within the highly prospective Birimian geological belt.

According to feasibility studies, the project contains millions of ounces of gold resources and mineral reserves.

The 2022 Feasibility Study outlined approximately 2.76 million ounces of mineral reserves and projected a mine life of approximately 14 years.

Production is expected to average approximately 200,000 ounces of gold annually during the first five years of operation.

The project’s principal deposits, Dugbe F and Tuzon, were discovered between 2009 and 2011 and are widely considered among Liberia’s most valuable undeveloped gold resources.

The project operates under a 25-year Mineral Development Agreement with the Government of Liberia.

At current and projected gold prices, various economic assessments suggest that the project’s value could reach into the billions of dollars over its operational life.

This makes Dugbe far more than a mining project.

It is a strategic national asset.

Mansa Resources’ US$600 Million Commitment

Following its acquisition of Pasofino Gold and consolidation of ownership interests, Mansa Resources announced plans to invest approximately US$600 million to advance the development of the Dugbe Gold Project.

The company has stated that the investment will support the development of a gold asset estimated at approximately 3.9 million ounces and could generate up to 2,000 direct and indirect jobs during construction and development.

An updated feasibility study is expected to be completed, with a final investment decision anticipated thereafter.

If executed successfully, the project could become one of the largest private-sector investments in Liberia’s recent history.

The Real Issue: Transparency and Accountability

Liberia’s challenge is not attracting investors.

The challenge is ensuring that investment agreements are negotiated and implemented transparently.

For decades, Liberia has signed concession agreements involving timber, iron ore, rubber, oil, and minerals. Yet many communities continue to experience poverty, unemployment, weak infrastructure, and limited economic opportunities despite the country’s vast natural resources.

This history explains why Liberians have every right to ask difficult questions about the Dugbe Gold Project.

• Has the government conducted comprehensive due diligence on Mansa Resources and its leadership?
• Will all concession agreements, tax incentives, royalty structures, and beneficial ownership information be made public?
• Will local communities receive meaningful economic benefits?
• How much revenue will Liberia actually retain?
• What mechanisms will exist to monitor compliance and prevent corruption?
• How will environmental obligations be enforced?
• Will Liberian workers and businesses be prioritized?

These are not anti-investment questions.

They are pro-accountability questions.

Conclusion

Mansa Resources may ultimately prove to be a serious investor capable of developing one of Liberia’s most important gold assets.

The US$600 million commitment has the potential to create jobs, generate government revenues, and stimulate economic growth.

At the same time, the backgrounds of key individuals involved, the history of previous mining transactions, and Liberia’s own experience with resource concessions make transparency absolutely essential.

The Dugbe Gold Project belongs to the Liberian people.

Any agreement involving such a strategic national asset must be subjected to the highest standards of public scrutiny, independent oversight, and accountability.

Liberians should neither blindly oppose nor blindly celebrate this investment.

Instead, they should demand complete transparency and ensure that the country’s gold resources benefit the nation as a whole rather than a privileged few.