Industry News by Nemesis

Sierra Leone to Review Mining Law, Contracts

May 29, 2018

Sierra Leone is set to review mining law and contracts to ensure the West African nation benefits from its natural resources, Reuters reports.

President Julius Maada Bio, who was elected last month, recently told law makers that there was an "extreme lack of transparency" in the extractive sector under his predecessor Ernest Bai Koroma.

He then called for an immediate review of both the 2009 Mines and Minerals Act and the individual licenses of mining companies.

"We have to look at these agreements, and we have to look at the laws that govern them," Yusuf Keketoma Sandi, the president's press secretary, was quoted as saying by Reuters.

"There have been many issues in terms of how concessions were given to mining companies and treatment of workers that people deemed unfair."

Extractives - mostly diamonds, iron ore and mineral sands - constitute more than 80 percent of Sierra Leone's exports but generate only 15 percent of its total revenues, according to official figures cited by the news agency.

Major companies operating in the country include BSG Resources-controlled diamond miner Koidu Holdings, which was a supplier to Tiffany and Co as well as China's Shandong Iron and Steel which owns the Tonkolili iron ore project. 


Source: Rough&Polished

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