Niron is developing the Zogota iron ore deposit in neighbouring Guinea.
The private company still has to finish the feasibility study on the project, but Davis said this would soon be done.
"This MOU is an important milestone in our plans to develop the Zogota project," he said.
"We intend to complete our feasibility study within six months and continue to work with relevant stakeholders to bring Zogota rapidly into production for the benefit of all."
Discussions with rail and port operators will now start, according to the chairman of the Liberian National Investment Commission Molewuleh Gray.