Marampa Mines Expansion Marampa Mines, Lunsar Town, Port Loko District, Friday, 24 January 2025 – In a significant move aimed at fostering local development and enhancing economic growth, His Excellency President Dr. Julius Maada Bio officially presented a symbolic cheque worth $3.7 million (approximately NLe 83,700,000) to the Marampa and Maforki Chiefdoms.
This fund represents the 1% Community Development Fund (CDA) from Marampa Mines Limited (MML) for the fiscal years 2023 and 2024. The event was not only a financial milestone but also marked the successful commissioning of Marampa Mines’ newly expanded production capacity, which now stands at an impressive 3.75 million tonnes per year of high-grade iron ore. This expansion is a testament to Sierra Leone’s growing potential to attract and sustain foreign investment, positioning the nation as a key player in the global mining sector. During his address, President Bio expressed profound gratitude to the management and staff of Marampa Mines Limited for their substantial investment in Sierra Leone.
He acknowledged their efforts, which have culminated in both the expansion of mining operations and the allocation of the CDA fund to local communities. The President also commended the Minister of Mines and Mineral Resources, local Paramount Chiefs, and other authorities for their diligent oversight, urging them to maintain collaborative efforts to ensure the smooth operation of the company.
In emphasizing the importance of corporate social responsibility, President Bio highlighted how such initiatives play a critical role in empowering host communities. He specifically pointed out that skills training is essential for equipping young people with the necessary competencies to thrive in the job market. He referred to this training as a vital enabler of upward social and economic mobility, reinforcing the notion that investing in human capital is crucial for sustainable development. “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,” President Bio stated, underlining the government’s commitment to investing in the future of the youth in Sierra Leone.
The President further elucidated that the CDA negotiated by his administration represents a landmark achievement, ensuring that local communities reap direct benefits from the nation’s rich 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 remarked. Moreover, President Bio reiterated his administration’s dedication to promoting equitable development, ensuring that communities directly benefit from the country’s natural resources. He praised the residents of Port Loko District for their unwavering support of the government’s initiatives aimed at attracting transformative investments in various sectors.
Madam Patricia Nikolopoulos, Chief Financial Officer of Gerald Metals, delivered a statement on behalf of Craig Dean, CEO of Marampa Mines Limited. She expressed gratitude to President Bio for his political will and commitment to creating a favourable investment climate in Sierra Leone. Despite the global challenges posed by fluctuating iron ore prices and shifting market demands, Madam Nikolopoulos highlighted the company’s decision to invest over $200 million in cutting-edge equipment, including a gyrating crusher, a SAG mill, and an expanded power plant.
This investment aims to enhance the production capacity, improve operational efficiency, and fulfil the company’s commitments 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, reinforcing the collaborative spirit between the government and Marampa Mines Limited.
