At the ministry of information and civic education weekly press conference at Miatta Hall, Minister of Mines provided an update on Sierra Leone’s mining revenues and exports, revealing that the country recorded a total mineral export value of $1.6 billion in 2023. However, the figure is expected to drop to $1.2 billion in 2024, primarily due to the halting of operations by Sierra Rutile.

Minister Mattai outlined the structure of mining revenues, noting that tax revenues—including corporate income tax, withholding tax, GST, and customs/excise duties—are managed by the Ministry of Finance and the National Revenue Authority (NRA). Meanwhile, non-tax revenues, such as royalties and license fees, are overseen by the Ministry of Mines. For 2024, non-tax revenues are projected to reach approximately $50 million, while tax revenues from the sector are estimated between $8 and $9 million.

In 2024, the breakdown of export contributions highlights the dominance of iron ore, which accounted for 70% of total exports, valued at $785 million. This figure is largely attributed to the Kingho Mining Company and Marampa Mines. Diamonds represented 12% of the export value, generating $102 million—$82 million from Koidu Holdings and $20 million from artisanal miners. Gold exports stood at $11 million, with $10 million coming from artisanal mines and $1 million from large-scale mining operations.

A significant development in the sector is the recent licensing of FG Gold, a large-scale gold mining company expected to generate over $300 million annually, marking a substantial increase from the current $1 million in large-scale gold exports.

Related News

the Minister of information and civic education Chernor Bah emphasized that while the export values are substantial, they reflect private investment rather than direct government income. The government primarily earns through taxes and royalties associated with these exports, underscoring the importance of the mining sector to Sierra Leone’s economy.