By Kadijatu Bangura, Daily Scope Reporter
Freetown, Sierra Leone — August 26, 2025 — The Government of Sierra Leone is making significant strides to enhance its participation in the mining sector through the recently established Sierra Leone Mines and Mineral Development and Management Corporation (SLMMDC) and the Mineral Wealth Fund. At a press conference held by the Ministry of Information and Civic Education, senior officials outlined a series of reforms aimed at ensuring the country’s natural resources directly benefit its citizens and drive national development.
One of the pivotal announcements came from Deputy Minister of Information and Civic Education, Bocakarie Abdel-Aziz Bawoh, who revealed that a high-level delegation led by Minister of Finance Sheku Fantamadi Bangura recently signed Land Lease Agreements with landowners in the Kasafoni Iron Ore Deposits. This move marks a significant step forward in the government’s strategy to engage meaningfully in the mining sector.
“The SLMMDC will manage these concessions on behalf of the government,” Deputy Minister Bawoh stated, drawing comparisons to successful models in Namibia, Botswana, Ghana, and Nigeria.
Minister Bangura reflected on the historical challenges faced in managing the mining sector, noting that previous models primarily benefited private companies, leaving the government with minimal revenue. “Between 2018 and 2024, we mobilized close to $4 billion from mineral exports, yet only 5% reached the national treasury,” he lamented. The Minister characterized the existing arrangement as unsustainable and counterproductive to national development.
To address these issues, the government has crafted a new framework for national participation in mining under the Mines and Mineral Development Act of 2022. This legislation grants the government a 10% free carriage undiluted interest in all large-scale mining ventures and up to a 35% equity stake in joint ventures. The SLMMDC, supported by the Mineral Wealth Fund, is designed to ensure that mining operations are financially independent from the national budget.
The government’s recent engagements in the chiefdoms surrounding the Kasafoni deposits aim to finalize the license acquisition process, setting the stage for sustainable development and revenue generation.
Highlighting the importance of community involvement, Hon. Saa Emerson Lamina, Chairman of the Parliamentary Committee on Mines and Mineral Resources, outlined key improvements in the new mining regulations. These include mandatory community consent for mining operations and a requirement for companies to allocate at least 1% of gross profits to local development.
The Mineral Wealth Fund, as explained by its CEO Farid Alghali Esq., serves as a special purpose vehicle to leverage mining assets for national development. The Fund has already attracted investment for critical infrastructure projects, including rail systems and mining facilities, with the first shipment expected by November 2026.
Aminata Deen Conteh, National Coordinator of the Women’s Network for Community Development, praised the government’s initiative to take ownership of mining ventures, expressing hope that it will result in tangible benefits for local communities, such as improved access to education and healthcare.
The government’s renewed focus on the mining sector signals a commitment to ensuring that Sierra Leone’s rich natural resources contribute to the well-being of its citizens, fostering a more equitable and sustainable future.
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