In 1881 the company was transformed into the 'Union Mining Company' but information on it is scarce. It is known that is was an English-owned company, which operated in conjunction with sixteen Liberians, among whom there were several Government officials.
The company’s mining rights were in 1901 transferred to the 'West African Gold Concessions, Inc.' which is in fact the first real indication that gold and not, for instance, diamonds were involved. Between 1902 and 1904, the company chartered six expeditions to search the hinterlands for minerals.
The company name was changed later to that of the 'Liberian Development Chartered Company'.