Sierra Leone’s President, Julius Maada Bio Hands Over $3.7 Million Community Development Fund, Commissions the Marampa Mines Expansion

 

His Excellency President Dr. Julius Maada Bio has formally presented a symbolic cheque of $3.7 million (equivalent to NLe 83,700,000) to the Marampa and Maforki Chiefdoms as payment for their 1% Community Development Fund (CDA) from Marampa Mines Limited (MML) for the 2023 and 2024 fiscal years.

The event also marked the successful commissioning of the company’s expanded production capacity of 3.75 million tonnes per year of high-grade iron ore, a significant milestone that underscores Sierra Leone’s readiness to attract and sustain investment.

In his address, President Bio expressed his deep appreciation to the management and staff of Marampa Mines Limited for their investment in Sierra Leone, which has culminated in the expansion and the presentation of the CDA fund to the local community. He commended the Minister of Mines and Mineral Resources, the Paramount Chiefs, and local authorities for their oversight and encouraged continued collaboration to ensure the company’s operations remain uninterrupted.

The President emphasized the importance of corporate social responsibility, particularly in empowering host communities through human capital development. He highlighted how skills training equips young people with the competencies they need to thrive in the job market, describing it as a critical enabler for upward social and economic mobility.

“Human capital development, especially skills training, is a great enabler for upward social and economic mobility. It helps to provide the right competencies that young people need to fit into the job market,” he said.

President Bio noted that the CDA negotiated by his government represents a historic achievement, ensuring that local communities directly benefit from the country’s mining resources.

“I am here to hand over the dummy cheque of $3.7 million, equivalent to over NLe 83 million, as payments for the 2023 and 2024 CDA fund to the people. These payments are intended to directly enhance the development and well-being of the local communities, reflecting my government’s shared commitment to equitable and inclusive development,” he said.

President Bio reiterated his administration’s commitment to fostering equitable development and ensuring that communities benefit directly from the nation’s natural resources. He praised the people of Port Loko District for supporting the government’s efforts to attract transformative sector investments.

The Chief Financial Officer of Gerald Metals, Madam Patricia Nikolopoulos, delivered a statement on behalf of Craig Dean, CEO of Marampa Mines Limited. She thanked President Bio for his political will and commitment to creating a conducive environment for investors in Sierra Leone.

Despite global challenges such as fluctuating iron ore prices and shifting demand, Madam Nikolopoulos highlighted the company’s decision to invest over $200 million in state-of-the-art equipment, including a gyrating crusher, a SAG mill, and an expanded power plant. This investment aims to boost production capacity, improve efficiency, and fulfill the company’s promises to Sierra Leone and its host communities.

“The expansion to 3.75 million tonnes per year of high-grade iron ore and the presentation of our 2023 and 2024 CDA reflect the hard work, dedication, and partnership that have brought us and the government together. We remain committed to ensuring sustainable development for Sierra Leone and its people,” Madam Nikolopoulos affirmed.

Distributed by APO Group on behalf of State House Sierra Leone.