President Julius Maada Bio of Sierra Leone handed over 1% of LRMG’s annual gross revenue, amounting to a total of $2,7 million to communities in Tonkolili District, emphasizing that local residents should not remain bystanders but active beneficiaries of the natural resources beneath their land.
It was in a bid to fulfill the Community Development Agreement (CDA), a legal framework embedded in Sierra Leone’s mining legislation,
It was noted that the funds were provided by Leone Rock Metal Group (LRMG), formerly Kingho Mining Company, as part of their commitment to ensuring host communities share in the wealth generated from mining operations.
According to President Bio, “This is a proud moment for our nation and particularly for the people of Tonkolili. Today’s event is a testament to our policy direction, that communities must not be bystanders but active beneficiaries of the wealth beneath their soil.”
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Present at the event were senior government officials, executives from LRMG, traditional authorities, and community leaders from the affected chiefdoms to ensure transparency and accountability of and inclusive governance in the mining sector, enhancing and inclusive governance in the mining sector.
Alongside the CDA disbursement, the occasion also featured the groundbreaking ceremony for a cutting-edge Magnetite Processing Plant. Once operational, the plant will be capable of processing 12 million metric tonnes of magnetite annually.
Estimated at a cost of $230 million, the project is a key component of Phase II of LRMG’s expansion strategy, designed to greatly enhance Sierra Leone’s iron ore processing capabilities and increase the value of its mineral exports.
