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London Mining presents externalities and impacts of Marampa Mines

London Mining presents externalities and impacts of Marampa Mines

London Mining Company on Friday 12th July presented its externalities and impacts of its Marampa Mines at the Bank Complex Kingtom.

Professor Strasser-King who is the Director, Strategy and Policy Unit Office of the President, said in his statement that London Mining launched the study, among other things, that on completion it will provide an objective and well informed picture of the socio-economic impact of the mines, better inform government and various stakeholders of the dynamics of mining projects, and sharpen the country’s engagement with London Mining.

London Mining has been very forward looking since its operations commenced in Sierra Leone and in spite of the current drop in the price of iron ore, the company recently unveiled its expansion plans that boosts production from 5 million tons per annum to 9 million tons per annum capacity. The Professor pointed out that this should see a corresponding increase in government’s share of derived revenue.

The Government is also exploring the feasibility of a rail system to the south west coast of Sierra Leone, which if implemented, should provide easier access and economic benefits to several areas in the country.

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Professor Strasser-King revealed that the office of the President has always shown understanding and intervention to ensure that the activities of the company are not derailed. He applauded Cofinter, the consultants for their impressive work adding that it is now for us as a nation to assess the significance and relevance of the study for a fuller understanding of the impact of London Mining’s operations in the lives of Sierra Leoneans.

In his brief statement, the Managing Director for London Mining Sierra Leone, Daniel Pop said the Marampa Mine is just a small portion of the iron ore industry in the world. He said one billion tones of iron ore is traded in the world and iron ore producing companies produces another 500 million tons daily. He said the producers of iron ore are not the consumers as the product always changes hands. He explained that Australia and Brazil are the largest iron ore producing countries, but that Africa has potential of attaining such heights.

Professor Emmanuel Raufflet from Cofinter reviewed the study by defining the externalities scope, limitations, principles and measurement impacts of the Marampa Mine. He assured that the Marampa project is a driver of economic development in an integrated regional development plan. Professor Raufflet added that the current global iron ore market is very competitive; it will increase Sierra Leone’s GDP by 10% to 16.5% by 2020 and that the Marampa Mine has the potential to be a long life, high-grade concentrate producer.

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