Sierra Leone’s President Julius Maada Bio was present at a significant event in the Tonkolili District, part of the country’s mining region. The event involved the distribution of over 62 million New Leones to host communities within the concession areas of Leone Rock Metal Group (LRMG), formerly Kingho Mining Company. This payment, equivalent to over 2.7 million USD, represents 1% of LRMG’s annual revenue and adheres to the Community Development Agreement (CDA) under Sierra Leone's mining laws.
President Bio expressed that this initiative reflects the government's dedication to ensuring transparency and accountability within the mining sector. "This is a proud moment for our nation and particularly for the people of Tonkolili. Today’s event is a testament to our policy direction, that communities must not be bystanders but active beneficiaries of the wealth beneath their soil,” he said during the ceremony.
In addition to the monetary disbursement, the groundwork was laid for a new Magnetite Processing Plant. The plant, with a budget of $230 million, is part of LRMG’s Phase II expansion and is anticipated to process 12 million metric tonnes of magnetite annually, enhancing Sierra Leone’s mineral export capabilities.
The event gathered various dignitaries, including LRMG executives and community leaders, highlighting a shared commitment to making mining a vehicle for sustainable development, job creation, and local economic empowerment.
LRMG’s engagement with the CDA demonstrates a shift towards responsible mining practices, emphasizing community involvement and social accountability. As Sierra Leone advances its mineral resources, such initiatives are seen as foundational for a fair and inclusive mining economy, aligning development with local prosperity.
For additional information, please contact the State House Media and Communications Unit at info@statehouse.gov.sl.
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