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During a notable press briefing held on Tuesday, March 26, 2024, US Ambassador Bryan Hunts reassured journalists of the transparent nature of the bid by Marampa Mines Company, operating under PRM, to acquire Sierra Rutile.
Ambassador Hunts emphasized the meticulous adherence to regulatory frameworks outlined by the Australian Stock Exchange, ensuring the bid’s transparency. Despite not yet reaching the required 20% shareholding threshold in Sierra Rutile, the American company proactively disclosed its intentions, with all relevant bid documents accessible on both Sierra Rutile and Australian Stock Exchange websites.
Ambassador Hunts firmly addressed rumors of tax evasion surrounding Marampa Mines, labeling them as untrue. Providing crucial context, he highlighted Marampa Mines’ substantial tax contributions to the Sierra Leonean government, totaling approximately US$40 million in 2022 and 2023, including taxes and royalties.
Additionally, Marampa Mines has committed to community development, with an approximate US$1.74 million payment in 2023 and further plans for 2024. Ambassador Hunts reaffirmed Marampa Mines’ compliance with legal requirements and its integral role in supporting government revenue and community development.
Ambassador Hunts revealed that Sierra Rutile’s board has yet to reach a decision regarding the American Guiding Gerald Group’s takeover bid. He explained the customary practice of advising shareholders to refrain from action initially, allowing for evolving negotiations that may result in higher valuations. Despite uncertainties, Ambassador Hunts conveyed optimism and encouraged stakeholders to await further developments with patience and prudence.
Ambassador Hunts clarified the United States’ neutral stance on the Sierra Rutile takeover bid. He emphasized the decision’s jurisdiction under the Australian Stock Exchange and Sierra Rutile, with no direct involvement from the US government. Stressing the embassy’s commitment to fairness and transparency, Ambassador Hunts urged reliance on factual information and avoidance of spreading misinformation.
In conclusion, Ambassador Hunts reiterated the importance of transparency and adherence to regulatory frameworks in Sierra Leone’s mining sector, emphasizing the US government’s commitment to fostering fair treatment and unbiased representation for American enterprises.
