$6billion Chinese investment for Sierra Leone

In line with governments’ strong desire to meet the development needs of the citizenry of Sierra Leone, the Ministry of Mines and Mineral Resources 10th May 2013 signed a Memorandum Of Understanding with China Kingho Energy Group Co., Ltd on the development of mineral resources in Sierra Leone.

Speaking at the signing ceremony at the Ministry of Mines, Attorney General and  Minister of Justice Frank Kargbo  said, his office has been working  on the MOU and was happy to inform all those present that the proposals in the MOU are in line with the development aspirations “of our government “ especially as related to the Agenda for Prosperity. He also spoke that when fully implemented, the country will greatly benefit.

With over six billion dollars investments planned as contained in the MOU, Minister Kargbo said, the proposals contain plans for the construction of a railway from Tonkolili to Sulima, construction of deep water port for transportation of products, amongst others. He expressed appreciation to have been part of the process and therefore recommended, that the Minister of Mines signed the document “as it is in the interest of the country”

In his words, Minister of Mines, Minkialu Mansaray, prior to the signing said, he was pleased to sign the MOU as it is in line with the prosperity drive of the country and that Kinghor has been a major player in Sierra Leone’s development. Sierra Leone, Minister Mansaray said, is in a hurry to be transformed and that as a government they will continue to encourage investors into the country but however cautioned that they only will look forward to working with reliable, committed trustworthy investors.

He therefore encouraged Kingho to ensure they work within the time frame as stated in the MOU as the “competition outside is very key and Sierra Leone is a destination attracting a lot of investors, try to implement within the timeframe as stated in the MOU”, he encouraged China Kinghor Energy Group.  Minister Mansaray also called on the new Ambassador to China, Ambassador Victor Foh to work closely with the group so that they will work within the stipulated timeframe.

Chairman for the China Kingho  Energy Group, Huo Qinqhua congratulated the new Ambassador, Victor Foh on his appointment and informed the gathering that upon his arrival in Sierra Leone he has felt the warm friendship that China and Sierra Leone have and that his group has consolidated itself to always invest in Sierra Leone. He expressed confidence and optimism that Sierra Leone’s future is encouraging especially in providing favorable investment climate in the country.

Also present at the signing ceremony were Ambassador Victor Foh, officials from the Mines industry, and the Deputy Chief of Mission, Embassy of the Peoples Republic of China in Serra Leone, amongst others.

Key components of the MOU include, but not limited to plans for the construction of a Mine Development Project, construction of a supporting power facilities, construction of transport and logistics facilities, construction of a railway from Tonkolili iron ore area in the north to Sulima in the south, and construction of an industrial park.

This latest move is seen as an effort aimed at maintaining and developing the mutual cooperation and benefits between the group of investors and the Sierra Leone government especially in the mining and energy sectors, including industrial constructions and services sector. China Kingho is expected to invest in the mining an industrial sectors of Sierra Leone.

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