By: Kadijatu Bangura, Reporter
At a recent press conference held at Miatta Hall, the Minister of Mines updated the public on the country’s mining revenues and exports, disclosing that a total mineral export value of $1.6 billion was achieved in 2023. However, projections indicate that this figure is set to decline to $1.2 billion in 2024, primarily due to the suspension of operations by Sierra Rutile.
Minister Mattai elaborated on the structure of mining revenues, highlighting that tax revenues—including corporate income tax, withholding tax, GST, and customs and excise duties—are managed by the Ministry of Finance and the National Revenue Authority (NRA). In contrast, non-tax revenues, such as royalties and license fees, are overseen by the Ministry of Mines. For the upcoming year, non-tax revenues are projected to reach approximately $50 million, while tax revenues from the sector are estimated to be between $8 million and $9 million.
The expected breakdown of export contributions for 2024 underscores the dominant role of iron ore, which is anticipated to account for 70% of total exports, valued at $785 million. This significant figure is largely attributed to the Kingho Mining Company and Marampa Mines. Diamonds are expected to contribute 12% of the export value, generating approximately $102 million—$82 million from Koidu Holdings and $20 million from artisanal miners. Additionally, gold exports are projected to reach $11 million, with $10 million originating from artisanal operations and $1 million from large-scale mining.
A noteworthy development in the mining sector is the recent licensing of FG Gold, a large-scale gold mining company anticipated to generate over $300 million annually—representing a substantial increase from the current $1 million in large-scale gold exports.
Minister of Information and Civic Education Chernor Bah emphasized that while these export values are substantial, they largely reflect private investments rather than direct government income. He reiterated that the government’s revenue is primarily derived from taxes and royalties associated with these exports, highlighting the critical importance of the mining sector to the economy.
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