The launch of the Sierra Leone Chamber of Mines

Produced by Memuna Forna, Insight

The Sierra Leone Chamber of Mines was originally formed in
1965 taking the place of the former Sierra Leone Mining
Association. It went into abeyance during the civil war and
was re-established on 13 February 2013 with a new
constitution.

It serves the industry through industry promotion, advocacy,
networking and information sharing.
It is the voice of the extractive industry in Sierra Leone.

Members of the Sierra Leone Chamber of Mines include the big five mining
companies - Sierra Rutile Ltd, London Mining, Octea Mining, African Minerals Ltd
and Amara Gold SL Ltd.

The mining sector makes a substantial contribution to our economy.

With new investments in the mining sector, Sierra Leone
exported around US$ 1.4 billion worth of minerals in 2013
and revenue from the minerals sector exceeded US$ 100
million.
Financial benefits from mining are derived mainly
from royalties, PAYE income tax, corporate taxes,
import duties, annual licence fees and payments to
local communities.

Total diamond export for last year alone was 609,758
carats, valued at US$ 185,692,633; reflecting a 14%
increase on 2012 figures.

London Mining mining the Marampa deposit, and African Minerals
Ltd mining the Tonkolili deposit are currently expanding their
operations, with African Minerals targeting a consistent export rate
of 20 million tonnes a year of high grade hematite concentrate and
London Mining targeting a staged expansion to over 16 million
tonnes a year.

The mining sector actively promotes the Local Content Policy.
Last year the Sierra Leone Chamber of Mines signed a
Declaration of Cooperation that committed our industry to
working with the Government and other partners to progress
the implementation of the Local Content Policy.

African Minerals alone currently employs close to 4,000
workers directly and 3,000 indirectly through contractors. The
five large scale mining companies employ about 8,000 directly
and 6,000 indirectly through contractors.
The mining sector contributes substantially to employment.

Mines also create jobs in communities indirectly. Many
businesses provide services for mining companies such
as transportation, meals, accommodation and
construction.

The mining industry supports the Extractive Industries Transparency Initiative (EITI).
A well regulated mining industry can bring financial, economic,
social and other benefits for Sierra Leone and its people.

Infrastructure developed for mining can also contribute to the
development of public infrastructure at the national, regional and
community level.

Both the mining sector and the Government of Sierra
Leone share an interest in investing in a skilled workforce.

The promotion of youth employment is another of the mining
sector’s objectives.
In partnership with GIZ, London Mining has undertaken a project
called From Mines to Minds, committing EUR 200,000 to the project.
Its objectives are to provide technical, vocational and educational
training at one of the best technical schools in the country (St.
Joseph’s) in the local town of Lunsar and achieve Functional Adult
Literacy for those in the 17 communities around the Marampa mine
site that cannot benefit from St. Joseph’s.

We support education in the mining communities in which we operate -
building and furnishing schools, funding scholarships and providing
learning materials.

“It is reflective of the new era of mining in Sierra Leone that the challenging
economic climate has not impacted on our commitment to becoming partners in
the development of Sierra Leone and its economy.” John Bonoh Sisay, President,
Chamber of Mines and Chief Executive Officer, Sierra Rutile Ltd.

“Sierra Leone stands on the verge of unprecedented growth, to be
driven largely by revenues from the mining sector. The Agenda for
Prosperity has identified the minerals sector as the engine for
economic growth, and Managing Mineral resources is a key pillar of this
development agenda.” Sahr Wonday, Director General, National
Minerals Agency.

The industry-wide realisation that it would be far more efficient and
beneficial to us within the mining sector, to have one body advocating
on behalf of our industry, along with promoting its growth and fostering
its development has given rise to the Sierra Leone Chamber of Mines.
We look forward to working with all our stakeholders to develop an
industry that every Sierra Leonean will regard with pride.

The End
Thank you for watching.

Produced by Elixir Marketing and Media