|
 |
SIERRA LEONE MINES AND MINERALS SECTOR
Sierra Leone is endowed with a rich geology that harbors an array of strategic minerals crucial for the nation's economic development and global mineral markets. Recognizing the immense potential of these resources, the Government is committed to developing comprehensive policies to improve the mining sector and ensure that the country maximizes gains from these resources.
Mining has been a vital part of Sierra Leone's economy and history, serving as an economic cornerstone before, during, and after independence. The country is renowned for its rich deposits of diamonds and iron ore, along with a diverse range of minerals, including bauxite, rutile, ilmenite, zircon, gold, platinum, coltan (columbite-tantalite), and chromite.
In 2012, the Government established the National Minerals Agency (NMA) as an implementation body of the Mines and Minerals Development Act and its Regulation and also enacted the Environmental Protectionn Agency (EPA), Public Financial Management (Amendment) Act of 2023, and the Extractive Industries Revenue Act to improve transparency and accountability in the minerals sector. In 2018, the government further approved the Sierra Leone Minerals Policy, Artisanal Mining Policy, and the Geo-data Policy. Currently, the report of the geophysical survey data that was collected in 2019 is available outlining the type, quantity and location of minerals in the country.
LEADING SUB-SECTORS
The mining sector is set to undergo a rapid boom in light of production and expansion of existing and new operations.
Mining activities require machinery and equipment, construction, and other services, which presents the best prospects for companies as their importation is on the increase.
Companies with expertise in geological and exploration services, feasibility and engineering services, equipment and plant maintenance and repair, and spare parts for mining equipment can find this sub-sector attractive and rewarding. Construction services are key, especially for exploration companies expected to set up the peripheries to commence work.
OPPORTUNITIES
Geophysical survey data confirm Sierra Leone as a prime location for investment in mining, offering opportunities for advanced technology-driven mineral extraction and export, as well as downstream investments in the sector. Anticipated growth in mining activities is expected to drive demand for construction, technical, and engineering services. Additionally, significant opportunities exist in oil exploration across seven offshore blocks and various greenfield and brownfield projects.
|
