The_Open_Door_deel1

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Changes of the concession agreement
The failure to have the Wologisi ore deposits exploited
immediately after the signing of the concession agreement with
LISCO in fact constitutes a clear signal to revise or adjust the
official policy in respect of the development of the nation's
natural resources by relying almost exclusively on foreign
investors. Soon after the death of President Tubman an increasing
number of persons expressed this view and subsequent political
developments showed that a change of policy was contemplated.
The original concession agreement with LISCO, approved by the
National Legislature on September 8, 1967, was amended on July
17, 1974- This amended version was approved by the Legislature
two days later. The following year, on June 2, a new Concession
Agreement was agreed upon and signed. The 19 75 Agreement - which
did not change the original term of the concession and will
therefore expire on September 8, 2037 - partly revised the 1967
Agreement.
It contains a provision allowing for a periodic review (contrary
to the original concession agreement). However, the right to
demand a review was waived during the first 13 years after the
date of the first commercial production.
The new agreement also reflected the changes of the concession
policy of the Tolbert Administration with respect to iron ore
mining concessions as this had already resulted in revised
agreements with LAMCO and DELIMCO, though - as we have seen above
- these changes did not fundamentally affect the relations
between the Government of Liberia and the foreign investors and
mainly aimed at increasing revenues for the Treasury, at
furthering Liberian participation on the staff-level of the
foreign companies and at rectifying some obvious omissions in
the original agreements. On December 1, 1976 a Supplemental
Agreement to the 1975 Concession Agreement was signed, followed
on May 11, 1977 by an Addendum to this Supplemental Agreement
(approved by the National Legislature on August 19 of the same
year (131 ).
Management, sales, and technical services agreements; change of
ownership
When LISCO and the Liberian International American Corporation
(L.I.A.C.) signed a management agreement on October 20, 1967,
the management of the concession was enthrusted to L.I.A.C.
This company is 80 per cent owner of LISCO; under the 1967
Concession Agreement 20? of LISCO's shares had to be offered to