The_Open_Door_deel1

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Christie hindered an efficient approach of L.M.C. by the Liberian
Government is, however, the least one may conclude from the
I situation (91). The events of the 1970's seem to confirm this
|] leading role which Tubman played in the warding off of a
I] confrontation between Liberia and L.M.C.'s owners. At the end of
I the 1960's some Government officials had already rejected some of
|j L.M.C.'s practices. Notably Liberia's second (foreign-trained)
"• economist, J. Milton Weeks, who had succeeded Charles Sherman as
Secretary of the Treasury in 1967 had pleaded that L.M.C. be
prevented from continuing its practices of making deductions for
! both amounts set aside for Reserves for Replacement etc. and
! amounts constituting^ depreciation on the relevant fixed assets,
I among other issues (92). But it was not until Tubman's death that
Secretary of the Treasury Weeks undertook firm action in this
respect, viz., in December 1971 (93). This job was completed by
\ Stephen Tolbert, appointed Minister of Finance by his brother in
i January 1972. With the support of the President, William Tolbert,
j L.M.C. was forced to pay additional assessments and a firm
j Government stand in respect of the exploitation of the Bea
I Mountains ensured that what had happened with the Bomi Hills ore
.! reserves, i.e. inefficient natural resources administration,
! would not happen again in the foreseeable future in the Bea
I Mountains. With respect to the Bomi Hills this realization came
| too late; provisions for replacement etc, as well as buying at
j privileged prices by Republic Steel stopped at the end of the
196O's. In 1977 operations at Bomi Hills ended, and "Bomi Hills
had become Bomi Holes" as Liberians soon joked cynically. Yet it
remains to be seen whether the lessons from the Bomi Hills ore
exploitation will bear fruit with respect to Liberia's dealing
j with the other investors in the iron ore mining sector, notably
i the attitude vis-a-vis LAMCO's gradual transportation of the
Nimba Mountain, "a mountain of iron ore", to the coast. This
will be discussed in Chapter 8.