Gerald Group resumes shipments from Marampa mines

The Gerald Group has resumed shipments from Marampa mines in Sierra Leone following lift of export ban. The London-based metals trader made the announcement and said the company’s first exports since June 2019, the “Marampa Blue” brand iron ore concentrate being shipped is more than 65% iron content and the unspecified volumes being transported will be taken from SL Mining’s 707,000-tonne stockpile.

Premium grade material will be the company’s first shipment to leave the shores of Freetown Port, following the out of court settlement of the dispute between the Government of Sierra Leone and SL Mining Limited / Gerald Group.

Binding settlement

In line with the binding settlement, the Company will pay to the Government a fixed sum of US $20 million in two instalments of US $10 million by 31 October 2021 and 31 December 2021, respectfully as the Stockpile is monetized.

“Today marks the restart of iron ore shipments, and as we look to the future, all of us at MML and Gerald are excited about this 1st shipment in 2021 and as we progress to the re-opening of the mine once the mining license is issued in accordance with the applicable laws and the binding agreement. I would like to thank His Excellency Julius Maada Bio for the opportunity to settle all disagreements of the past, and his full support that allows our export operations to re-start in record time,” said Craig Dean, the Chairman and CEO of Gerald Group.

Gerald owns 90% of MML while the Government of Sierra Leone owns the remaining 10%. In addition, MML also gets what is known as the Marampa South and Marampa North mining concessions.

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