On December 6th 2017, the Minister of Mines, on behalf of the National Minerals Agency tabled SL Mining’s Mining Licence Agreement (“MLA”) for ratification by the National Parliament of Sierra Leone. The MLA was unanimously approved by Parliament.
SL Mining now holds all the Marampa project land leases which have been granted by the local land owners, and the mining licence pursuant to a public application process for over 1 billion tons of iron ore equivalent to a greater than 40 year life of mine.
The newly ratified MLA offers the stability and incentives required to initiate investment into the restart of production. The project is targeting restart in mid-2018 with initial production of 2 million tonnes per annum of high grade iron ore (65% Fe +) to capture the high grade premium market before subsequently ramping up to over 6 million tonnes per annum.