Marampa Mines in Sierra Leone is set to produce 7 million metric tonnes of iron ore a year from two million dry tonnes per annum.
President Dr Julius Maada Bio announced who launched the project aimed to see the increase achieved said, the mining sector is critical to national development and future prosperity, adding that this is why his government commissioned a comprehensive, nationwide geophysical survey to obtain first-hand data that will help in negotiating with potential investors.
“We are also reviewing a favourable and inviting taxation and regulatory regime that promotes community development, and Environmental, Social and Governance (ESG) initiatives. As you already know, we have worked very hard over the last four years to make Sierra Leone a low-risk investment destination. Additionally, may I suggest that with new renewable energy technologies, MML could do better by integrating the use of cleaner energy in parts of its operations. This could be part of a future growth and sustainability strategy and clearly one that presents Sierra Leone’s mining sector as one that is open to innovation and low-carbon sources of energy,” the President said.
Executive Chairman and Chief Executive Officer of Gerald Group, Craig Dean, thanked President Julius Maada Bio for his leadership in settling the dispute between the government, the company and the people of Marampa. He stated that the company is one of the world’s oldest and largest independent metals traders that are advancing economies and working towards building a more sustainable future.
He further noted that many big iron ore companies of the world are producing 62% ore-grade but that they at Marampa are producing 65% high-grade ore for export across the world. He added that the government of Sierra Leone owns 10% shares at MML, and that the company has employed over 2,000 Sierra Leoneans, with about 40% of the employees being women.
“We want to have a bigger scale of production that will be beneficial to the people and government of Sierra Leone and our company,” he said.