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Sierra Leone Resumes Iron Ore Exports

Mining News - Published on Tue, 25 Jun 2019

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The government of Sierra Leone can once again begin to breathe a sigh of relief, following the announcement by SL Mining Limited, a wholly owned subsidiary of Gerald Group, that its first shipment of iron ore concentrate, branded ‘Marampa Blue’ to China, has set sail on MV Cooper from the Queen Elizabeth II Sea Port in Freetown. Sierra Leone has lost hundreds of millions of dollars in export revenue, following the collapse of iron ore mining with the closure of African Minerals and Shandong iron mining Ltd over four years ago. The country’s economy is yet to fully recover from the twin shock of the Ebola crisis and the fall in global market price of iron ore in 2013-2016.

Now, there is ray of hope for Sierra Leone’s government revenue, with the resumption of iron ore exporting by SL Mining, with much credit to the leadership of president Julius Maada Bio, whose tough approach to governance backed by a strong fiscal discipline, is winning the hearts and minds of foreign investors, after winning the 2018 elections. Loading of over 55,000 tonnes of high grade iron ore concentrate was completed five days ago, for sailing the same day.

Meanwhile, this maiden shipment will be delivered to customers in China, with a second shipment expected to leave soon on MV Ultralaz carrying approximately 62,000 tonnes of iron ore concentrate.

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Posted By : Mohan Sharma on Tue, 25 Jun 2019
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