By Sallieu S. Kanu
Sierra Leone — September 2025: The Ministry of Mines and Mineral Resources, in collaboration with the National Minerals Agency, has released its 2024 Mining and Minerals Sector Update, revealing a year of mixed performance marked by strong revenue growth and strategic expansion, despite global market volatility and operational challenges.
Sierra Leone’s total mineral export value reached USD 1.12 billion in 2024, reflecting a 3.78% decline from the previous year’s USD 1.16 billion. The dip was largely attributed to global diamond price slumps and temporary operational suspensions at key sites. However, the sector’s overall revenue surged to USD 49.4 million, up from USD 31.9 million in 2023—a 54.8% increase, according to the Mining Sector Update.
License fees doubled to USD 21.4 million, driven by expanded industrial activity. Mining royalties rose to USD 27.9 million, up from USD 21 million. Non-tax revenues grew by 34%, underscoring improved fiscal management
Operational Expansion and Strategic Growth
The Ministry granted 20 new industrial licenses in 2024, signaling investor confidence and sectoral growth. The iron ore industry led the charge, with Kingho Mining Company and Marampa Mines Limited expanding operations and contributing significantly to export volumes.
Other key developments
- Sierra Rutile met production targets at its DM1 and DM4 units
- Sierra Mineral Holdings resumed operations after a six-month suspension
- Meya Mining temporarily halted activities in October due to global diamond market pressures
Employment and Community Impact
The sector employed 15,929 workers, including 14,807 Sierra Leonean citizens and 1,122 expatriates, with female representation reaching 24.8% in company positions. The Community Development Fund continued to support local initiatives, receiving over USD 1.66 million and NLe 56.2 million in contributions from major licensees.
Strategic Outlook and Policy Priorities
Looking ahead, the report highlights:
- Major infrastructure projects are underway, including processing plant expansions and power facilities.
- Production growth projected through 2028 across multiple minerals.
- Technological upgrades and environmental improvements being implemented by several companies
However, challenges remain, including operational constraints at select facilities and market volatility affecting commodity prices.
The Ministry emphasized the need for continued investment in infrastructure; a stable regulatory environment to support expansion; enhanced local employment and gender inclusion; and vigilant monitoring of global market trends.
This update positions Sierra Leone’s mining sector as a resilient pillar of the national economy, with strategic reforms and investments paving the way for sustainable growth.