By Zacharia Jalloh, Ministry of Information and Civic Education
Tuesday, August 26, 2025: In a landmark move to reshape Sierra Leone’s mining sector, the Ministry of Information and Civic Education hosted its weekly press conference on Tuesday, unveiling sweeping reforms aimed at ensuring the country’s mineral wealth directly benefits its people. Senior government officials announced the establishment of the Sierra Leone Mines and Mineral Development and Management Corporation (SLMMDC) and the Mineral Wealth Fund (MWF), signaling a new era of strategic national participation in mining.
Deputy Minister Bocakarie Abdel-Aziz Bawoh revealed that a high-level delegation led by Finance Minister Sheku Fantamadi Bangura visited Diang, Sambaia, and Dansogoia chiefdoms in Tonkolili and Koinadugu Districts. The delegation signed Land Lease Agreements with local landowners, securing access to the Kasafoni Iron Ore Deposits—now designated as strategic national assets. These concessions will be managed by the SLMMDC, modeled after successful public mining corporations in Namibia, Botswana, Ghana, and Nigeria.
Minister Bangura reflected on decades of missed opportunities in Sierra Leone’s mining sector. Between 2018 and 2024, the country mobilized nearly $4 billion from mineral exports, yet only 5% reached the national treasury. In 2024 alone, $1.5 billion in exports yielded a mere $16 million in government revenue. “This is unsustainable,” Bangura stated, emphasizing the need for a new framework that prioritizes national development.
Under the Mines and Mineral Development Act 2022, the government now holds a 10% undiluted interest in all large-scale mining ventures and up to 35% equity in joint ventures. The SLMMDC and the Mineral Wealth Fund—both fully government-owned—will ensure mining operations are financially independent of the national budget and structured to deliver long-term benefits.
Hon. Saa Emerson Lamina, Chair of the Parliamentary Committee on Mines, outlined major improvements in the 2022 Act compared to its 2009 predecessor:
Community Consent: Mandatory approval from host communities
Development Fund: 1% of gross profits allocated to local development
Surface Rent: Landowners’ share increased from 50% to 70%
“These reforms reflect President Bio’s commitment to ensuring mineral wealth uplifts the people,” Lamina affirmed.
Farid Alghali Esq., CEO of the Mineral Wealth Fund, announced that the Fund has secured a major investment partner to finance railways, port facilities, mining infrastructure, and conveyor systems. The first shipment from Kasafoni is expected by November 2026. Under this model, the government contributes land and licenses, while the partner provides capital—ensuring equitable revenue sharing far beyond the current 3% norm.
Aminata Deen Conteh, National Coordinator of the Women’s Network for Community Development (North-East Region), praised the government’s proactive stance. “This initiative is apolitical and people-centered,” she said, expressing hope that mining revenues will translate into schools, hospitals, and clean water for remote communities.
Sierra Leone’s mining sector is undergoing a transformation—one that promises transparency, equity, and empowerment for its citizens. With legal reforms, strategic partnerships, and community engagement at its core, the government’s renewed approach could redefine the nation’s economic future.