In a groundbreaking development set to revolutionize mining and shipping industries in West Africa, COSCO Shipping Bulk Co Ltd, CTC Mining (SL) Limited and Baometal Minerals International Trade Ltd have collaborated to implement the ambitious CTC Port Loko Port Project in partnership with the New CTC Port Construction Consortium.
This partnership, announced in Beijing as part of the Sino-Sierra Leone Summit, marks a significant step forward in Sierra Leone’s infrastructure and mineral resource development efforts.
COSCO Shipping Bulk Co Ltd, renowned as China’s largest state-owned shipping enterprise, brings its unparalleled expertise in global dry bulk cargo logistics and port operations to the table. With the world’s most extensive fleet for dry bulk shipping, COSCO is poised to play a pivotal role in the success of the project.
CTC Mining (SL) Limited, operating out of Sierra Leone, oversees a massive bauxite resource project in Port Loko. With production already underway and initial exports directed to China, the project is slated to achieve an impressive annual production capacity, marking substantial growth for Sierra Leone’s mining sector.
Baometal Minerals International Trade Ltd, based in Hong Kong, contributes specialized knowledge in mineral and commodity trading, bolstering the project’s foundation and enhancing its global reach.
The construction of the CTC Port promises to be a game-changer for Sierra Leone, aiming to elevate the nation’s stature in the global maritime logistics chain and establish it as a significant player in bauxite exports. With an estimated investment of around $200 million, the port terminal is expected to have a shipping capacity of 15 to 20 million tons, making it Sierra Leone’s largest international port upon completion.
The project will unfold in three phases, with the first phase set to become operational in Q1 2025. This strategic endeavor will not only benefit the involved parties but also holds immense promise for Sierra Leone’s economy, enhancing its export capabilities and solidifying its position in the West African maritime and mining industries.
During the signing ceremony, attended by esteemed dignitaries including the Honorable Chief Minister, Dr. David Sengeh, the Honorable Minister of Foreign Affairs, Dr. Timothy Kabba and the Minister of Transport of Aviation Amb Fanday Turay, the Chairman of COSCO expressed gratitude to His Excellency President Julius Maada Bio and the Sierra Leonean Government for their exemplary leadership and support, underscoring the strategic importance of the Chinese-Sierra Leonean relationship for future bilateral achievements.
Hisham Mackie, Chairman of CTC Mining SL, echoed these sentiments, attributing the project’s realization to President Bio’s visionary leadership and Government policies conducive to foreign investment. He emphasized the transformative impact of the project on Sierra Leone’s economic landscape, heralding it as a beacon of hope for the nation’s future prosperity.
The ceremony also served as an occasion to express gratitude to the Chinese leadership and people for their hospitality and commitment to fostering strong bilateral relations with Sierra Leone, further solidifying the foundation for mutual success and prosperity.
