By Amin Kef (Ranger)
The Ministry of Mines and Mineral Resources (MMMR) has dismissed as misleading a viral social media claim suggesting that Sierra Leone exported USD 1.5 billion worth of minerals in 2024 but only USD 16 million reached the National Treasury. The Ministry clarified that the allegation not only misrepresents official figures but also undermines the demonstrated strength of the mineral sector as a central driver of economic growth, foreign exchange earnings and national revenue.
In response, Minister of Mines and Mineral Resources, Julius Daniel Mattai, set the record straight, confirming that the country’s mineral sector remains a robust contributor to Government revenue and foreign exchange earnings. According to verified data, Sierra Leone’s mineral exports in 2024 reached USD 1.12 billion, slightly down from USD 1.16 billion in 2023 due to operational adjustments at major mines, financing constraints and a global slump in diamond prices. Despite the marginal decline in export values, the sector’s overall revenue contribution to the state increased significantly.
The report underscores a vital point often missed in public discourse: export value and Government revenue are not synonymous. Although exports dipped slightly due to operational upgrades at Marampa Mines, financing challenges at Sierra Minerals Holdings and a slump in global diamond prices, total revenue inflows to the state expanded sharply.
- Non-tax revenue surged 34 percent to USD 49.4 million in 2024, up from USD 31.9 million in 2023.
- License fees doubled to USD 21.4 million, reflecting higher charges for large-scale mining operations.
- Royalties increased to USD 27.9 million, supported by stronger compliance and expanded production volumes.
- Tax payments added a further USD 8–9 million, bringing the total direct contribution to about USD 59 million.
Those figures directly contradict the USD 16 million referenced in the viral post. Instead, they demonstrate a sector that remains fiscally robust and increasingly transparent in its revenue management.
Mineral exports continue to be dominated by iron ore, which accounted for 70.3 percent of total exports in 2024. However, other minerals such as diamonds, rutile, zircon and heavy mineral concentrates also provided substantial revenue inflows, showing a gradual diversification of Sierra Leone’s export portfolio.
Key statistics for 2024 include:
- Iron Ore: 11.76 million wet metric tons (WMT) produced; 10.98 million dry metric tons (DMT) exported; valued at USD 784.5 million at an average price of USD 74/DMT.
- Diamonds: 580,084 carats exported, valued at USD 102.3 million. Large-scale operations produced 517,584 carats at USD 187 per carat, while artisanal miners contributed 62,500 carats at a higher USD 457 per carat.
- Gold: 5,755 ounces exported for USD 11.5 million.
- Bauxite: 259,903 DMT exported for USD 10.1 million.
- Rutile: 67,464 DMT exported for USD 55.8 million.
- Ilmenite: 48,476 DMT exported for USD 16.5 million.
- Zircon: 7,606 DMT exported for USD 34.4 million.
- Heavy Mineral Concentrates: 165,826 DMT exported for USD 99.4 million.
Those exports underscore the sector’s continuing importance not only as a revenue generator but also as a foreign exchange earner at a time of global economic uncertainty.
The Ministry granted 20 new industrial licenses in 2024, bringing the total to 50 active licenses across the mining sector. These include 14 large-scale mining licenses, 21 small-scale operations and 15 exploration permits.
By mineral type, iron ore led with 12 licenses (8 large-scale, 4 small-scale), followed by diamonds (11 licenses) and gold (9 licenses). According to the Mining Cadastre Administration System (MCAS), 75 percent of industrial licenses were active in 2024, highlighting both regulatory enforcement and sustained investor interest.
This active licensing regime provides the foundation for both revenue growth and long-term sectoral development, with an emphasis on compliance, transparency and accountability.
The sector employed 15,929 workers in 2024, comprising 14,807 Sierra Leoneans and 1,122 expatriates. Local employment accounted for over 92 percent of total positions, underscoring the sector’s role in national job creation.
Breakdown of roles shows:
- Senior Management: 372 males, 63 females.
- Supervisory roles: 1,083 males, 182 females.
- Below supervisory level: 9,566 males, 2,901 females.
Female representation reached 24.8 percent within company positions and 16.8 percent among contractors, reflecting gradual but steady progress toward gender inclusion in what has historically been a male-dominated sector.
In addition to fiscal revenue, mining companies contributed significantly to community development. The Community Development Fund received over USD 1.66 million and NLe 56.2 million from license holders.
- Kingho Mining provided NLe 53 million.
- Marampa Mines contributed USD 1.35 million.
Those funds are earmarked for local projects aimed at improving education, healthcare and community infrastructure, thereby extending the benefits of mining beyond central Government accounts.
The report highlights substantial investments and operational upgrades across Sierra Leone’s leading mining firms:
- Kingho Mining advanced its Numbara and Simbili projects, preparing a 12 million-ton processing plant for commissioning and progressing on a 30 million-ton magnetite plant (30–40 percent complete). Energy infrastructure saw the commissioning of a 49 MW thermal plant, alongside ongoing solar projects.
- Marampa Mines upgraded capacity to 3.75 million tons per annum (MTPA), expanded its mining fleet and added a 22 MW power plant.
- Sierra Rutile continued operations at DM1, DM2 and DM4 units while constructing haul roads and completing drilling at Lanti.
- Sierra Minerals Holdings resumed production after a temporary suspension, with plans to export 1.2 million tons of bauxite in 2025.
- Meya Mining temporarily paused operations in late 2024 due to depressed diamond prices but plans to resume in 2025.
- Gold Lion and FG Gold invested in eco-friendly carbon-in-leach (CIL) processing plants, tailings dams and new facilities.
Those investments signal continued confidence by both local and international operators in Sierra Leone’s long-term mining potential.
Historical data show mineral export values rising from USD 310 million in 2020 to a peak of USD 1.16 billion in 2023, before moderating slightly in 2024. Meanwhile, non-tax mining revenue expanded steadily from NLe 28.8 billion in 2010 to NLe 671.5 billion in 2023, driven by rising license fees and royalties.
Looking ahead to 2025–2028, production forecasts remain optimistic:
- Iron ore: Kingho (9.5–10 million DMT annually); Marampa (3.5–3.75 million DMT).
- Bauxite: 2.5–4 million tons combined from Sierra Minerals and CTC Mining.
- Diamonds: Koidu (400,000–420,000 carats annually); Meya (5,000–75,000 carats).
- Rutile/Ilmenite/Zircon: Sierra Rutile targeting 155,000–175,000 DMT rutile, 63,000–75,000 DMT ilmenite and 37,000–50,000 DMT zircon.
- Gold: Gold Lion and FG Gold projected at 1,250–3,500 ounces annually.
- Heavy Mineral Concentrates: expected steady at 200,000 DMT.
Policy recommendations from the report emphasize regulatory stability, infrastructure investment, market monitoring and increased local participation to maximize long-term benefits.
Minister Julius Daniel Mattai reaffirmed the Ministry’s commitment to responsible governance and transparency: “Sierra Leone’s mineral wealth is a national asset. Despite misinformation, the sector remains a cornerstone of our economy, providing jobs, supporting communities and generating significant Government revenue.”
The Ministry’s detailed update makes clear that the viral claims of USD 1.5 billion in exports with only USD 16 million reaching the Treasury are baseless. Verified figures not only show robust export earnings of USD 1.12 billion but also highlight a significant USD 59 million in direct Government revenue, alongside major contributions to employment and community development.
Sierra Leone stands at a pivotal moment, with the mining sector continuing to serve as a vital economic pillar. Despite global challenges, domestic reforms are helping to strengthen the industry, laying a solid foundation for sustained growth and national prosperity.
