In a landmark move set to reshape the landscape of the mining and shipping industries in West Africa, COSCO SHIPPING BULK CO., LTD, CTC Mining (SL) LIMITED, and BAOMETAL MINERALS INTERNATIONAL TRADE LTD have announced their partnership in the ambitious CTC Port LokoPort Project. This tripartite agreement marks a significant milestone in the development of mineral resources and infrastructure in Sierra Leone and beyond.
COSCO SHIPPING BULK CO., LTD, recognized as China’s largest state-owned shipping enterprise, boasts the world’s most extensive owned fleet for dry bulk shipping. The company’s unparalleled expertise in global dry bulk cargo logistics and port operation capabilities positions it as a key player in this venture. CTC Mining (SL) LIMITED, a Sierra Leone-based entity, oversees a 325 million bauxite resource project in Port Loko.
With production already underway and initial exports directed to China, the project is on track to achieve a staggering annual production capacity—5 million tons in the first year, 6 million tons in the second, and 10 million tons from the third year onwards.
BAOMETAL MINERALS INTERNATIONAL TRADE LTD, operating out of Hong Kong, brings its specialized knowledge in mineral and commodity trading to the table, further strengthening the project’s foundation.
The construction of the CTC Port is a game-changer for Sierra Leone, envisioned to elevate the nation’s status in the global maritime logistics chain, and put Sierra Leone on the list of large Bauxite export nations. The port terminal, boasting a shipping capacity of 15 to 20 million tons, represents a total investment of approximately 200 million USD. The project will unfold in three phases. Works on the hydrographic survey have begun. Upon completion, the CTC Port is set to become Sierra Leone’s largest international port, featuring both bulk cargo and container transhipment capabilities.
The first phase of the port will be operational in Q1 2025
This strategic development is not just a win for the involved parties, but a significant boost for Sierra Leone’s economy. It promises to enhance the nation’s export capabilities, particularly in the bauxite sector, and position Sierra Leone as a key player in the West African maritime and mining industries.
The above-mentioned agreement was signed in Beijing, as part of the Sino- Sierra Leone Summit. The signing Ceremony was attended by The Honorable Chief Minister, Dr David Sengeh, the Honorable Minister of Foreign Affairs, Dr. Timothy Kabba, and the Minister of Transport of Aviation, Amb. FandayTuray.
The Chairman of COSCO, during his address, extended his deepest gratitude to His Excellency President Julius Maada Bio and the Sierra Leonean government for their exemplary leadership and unwavering support, which played a pivotal role in COSCO’s decision to embark on this monumental project. He highlighted the strategic importance of the Chinese – Sierra Leonean relationship, not just for the project, but as a cornerstone for future bilateral achievements. “This partnership,” he stated, “is not merely about the construction of a port; it’s about building bridges between our peoples, fostering economic growth, and paving the way for a future replete with shared successes.”
Adding to the sentiment, Mr. Hisham Mackie, Chairman of CTC Mining SL, echoed the praises for President Bio, attributing the project’s fruition to his visionary leadership and proactive government policies that have created a conducive environment for foreign investment. Mr. Mackie’s speech was not just a vote of thanks, but a vivid portrayal of the optimism and prosperity that lie ahead for Sierra Leone under President Bio’s guidance. “With this project, we are not just mining bauxite; we are mining hope for our nation’s future,” he remarked, emphasizing the transformative impact the project is expected to have on Sierra Leone’s economic landscape.
The ceremony also served as a platform for expressing gratitude towards the Chinese leadership and the people of China for their generous hospitality and commitment to fostering strong bilateral relations with Sierra Leone.
