The Sierra Leone Mines and Mineral Development and Management Corporation (SLMMDC) and the Mineral Wealth Fund (MWF) are at the forefront of the country’s renewed commitment to the mining sector.

During the Ministry of Information and Civic Education’s weekly press conference on Tuesday, 26 August 2025, officials emphasized these initiatives’ role in ensuring that Sierra Leone’s natural resources benefit its citizens and promote sustainable development.

Deputy Minister of Information and Civic Education, Bocakarie Abdel-Aziz Bawoh, announced that a high-level government delegation led by Minister of Finance Sheku Fantamadi Bangura visited three chiefdoms, Diang, Sambaia, and Dansogoia in Tonkolili and Koinadugu Districts. During the visit, Land Lease Agreements were signed with landowners of the Kasafoni Iron Ore Deposits. The SLMMDC will manage these concessions on behalf of the government, following models in countries like Namibia, Botswana, Ghana, and Nigeria.

Minister Bangura reflected on historic challenges in Sierra Leone’s mining sector, noting that since the 1980s the country relied largely on taxes and royalties from private companies holding mining licenses. Between 2018 and 2024, close to $4 billion was mobilized from mining, yet only 5 percent reached the national treasury. In 2024 alone, mineral exports worth $1.5 billion generated just $16 million in government revenue, an arrangement described as unsustainable and inadequate for national development.

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Under the guidance of President Dr. Julius Maada Bio, the government introduced the Mines and Mineral Development Act 2022, granting a 10 percent free carried interest in large-scale mining ventures and up to 35 percent equity in joint ventures. The SLMMDC, supported by the government-owned Mineral Wealth Fund, ensures that mining operations remain financially independent of the national budget.

Chairman of the Parliamentary Committee on Mines and Mineral Resources, Hon. Saa Emerson Lamina, highlighted key improvements under the 2022 Act, including mandatory community consent for mining operations, allocation of at least 1 percent of gross profit to host communities, and an increase in landowners’ surface rent from 50 to 70 percent. He noted that these reforms ensure that the nation’s mineral wealth benefits its citizens directly.

Hon. Lamina also explained that the 2023 Mines and Mineral Development and Management Corporation Act empowers the SLMMDC to establish project companies to mine on behalf of Sierra Leone, with the Kasafoni deposits protected to prevent any operations without government approval.

Farid Alghali Esq., CEO of the Mineral Wealth Fund, revealed that the Fund has secured a partnership to finance rail infrastructure, a port, mining facilities, and conveyor belt systems valued at hundreds of millions of dollars. The first shipment of minerals is expected by November 2026, providing fair revenue sharing that surpasses the minimal 3 percent currently earned from mining.

Aminata Deen Conteh, National Coordinator of the Women’s Network for Community Development (North-East Region), praised the government’s initiative, emphasizing that the agreements would bring tangible benefits to local communities, including schools, hospitals, and safe drinking water, and highlighting that the effort is apolitical and people-centered.

The government’s renewed involvement marks a strategic shift toward sustainable and equitable mining practices, ensuring that Sierra Leoneans directly benefit from the country’s mineral wealth.