President Koroma gratified with London Mining Company

On the occasion of the national celebration for the reopening of the Marampa Iron ore Project and Launching of London Mining Company’s jetty in Marampa, Lunsar, Port Loko District

Speech delivered by His Excellency Dr. Ernest Bai Koroma, on Thursday 11 March, 2010

Mr. Chairman, Ministers of Government, Hon. Members of Parliament, Members of the Diplomatic and Consular  Corps, Mayors of our municipalities, Paramount chiefs and Traditional Rulers, Chairmen of Local Councils, London Mining Executives and representatives, the people of Marampa and the township of Lunsar, those school children who lined-up to welcome me, Distinguished Ladies and Gentlemen.

I will not read the speech that is prepared by the Ministry because I want us to talk to each other and I want us to understand each other properly. So, ladies and gentlemen, let us talk.

I am extremely happy to be here today, feeling gratified by the fact that we have gathered here for the National Celebration of the Reopening of the Marampa Iron Ore mines and the Groundbreaking ceremony for the construction of the Thofayim ore transhipment port by the London Mining Company Limited.

We have listened to two important speakers today. The Minister of Finance and Economic Development has spoken plentifully about the financial benefits of the London Ming Agreement to the people of Sierra Leone. We have also heard from the Chief Executive Officer of London Mining who has promised to invest $80 million on the mines this year. Eighty million dollars is a lot of money. We hope that they will deliver on their promises.

HE President Ernest Bai Koroma

On my assumption of office in September 2007, I promised you that we will review the Mines and Minerals Act of 1996 in order to realize more benefits from the mining industries.

The Act is intended to improve the management of our minerals sector in order to enhance the social and economic wellbeing of our people and most importantly, the wellbeing of those of you in the mining communities. Let me take the opportunity to encourage all the 149 Paramount Chiefs, Traditional Rulers present here today and every citizen of Sierra Leone to understand the Act.

With this Act, when properly implemented, the Government, the people of Marampa and Lunsar and the entire country as well as the investors will enjoy a harmonious working relationship for the following reasons:

• It is a culmination of the efforts expended by my government and various bodies including the Law Reform Commission and DFID over many years of consultative processes involving major stakeholders.
• It is consistent with international and ECOWAS Principles and Policies that govern the extractive industries in the sub-region.

Let me thank them for the efforts and hard work in bringing it to fruition.

Mr. Chairman, I am delighted that mining companies will now operate under an enabling environment in the extractive industries.

This has been made possible through that very important political will that translates intentions into actions. This is the hallmark of my government.

The Marampa Iron Ore mines left fond memories of vibrant commercial activities in the minds of those of us who are old enough to recall the period under DELCO. The transformation phases the mine had gone through these many years have been quite challenging since the Company ceased operations.

I have been told that the London Mining Company will employ about 1000 people in this first phase of the Project. This will have an effective trickle down effect on the rest of the economy and on Marampa in particular.

On the 31^st of October 1975, the Sierra Leone Development Company Limited failed to reactivate the mines.

Thereafter, the Government of Sierra Leone acquired the assets of the Company with the view of resuscitating the project. That effort had also been a very challenging and difficult proposition for successive governments.

On the 20^th day of March 1980, Austrominerals also attempted to resuscitate the mines. This endeavour ended abruptly, two years later.

Mr. Chairman, it is with great satisfaction and a sense of fulfilment that I inform you of my Government’s success in adding the reactivation of the Marampa Iron Ore mines to our long list of achievements.

Ladies and gentlemen, let me express my gratitude to the London Mining Company for making this possible.

So far, London Mining has demonstrated the Company’s capacity to rekindle those good-old memories.

You have heard the Chief Executive Officer of the Company when he assured government that their operations in the country will lead to:

• Rapid transformation in local and national economic development
• Significant level of employment
• Development of local businesses
• Appreciable revenue to Government
• Contribution to all categories of Taxes
• Improved balance of payment to Government through foreign exchange earnings
• Demonstrate internationally that Sierra Leone is a fertile place for international investment and provides opportunity for credible foreign companies to contribute and prosper
• Ethical corporate social responsibility

Ladies and gentlemen, the commencement of this project will transform the local economy by attracting more businesses to Marampa.

It will also enable government to improve on social services delivery by constructing hospitals, health centres, schools and markets as well as improve on the supply of clean water.

I have also been told that the Company will resuscitate the decrepit buildings over there.

But we all have obligations and responsibilities. We have heard the CEO of the Company outline all of their obligations and responsibilities. When they invest $80 million here, I want all of us to know that the success of such investment will depend very much on our actions and attitude to work.

It is our investment and we must treat it like ours. We must protect the Company and its equipment. We must work to impress the Company so that they will inform other investors that Sierra Leone is the right place to invest.

Should we not by now be tired of the paradox that ours is a minerals rich country with the poorest people on earth?

Therefore, when you are employed as a store keeper, please keep the stock. Do not use the position to siphon materials from the stock you are supposed to be keeping for the purpose of building houses for yourself. Let us look at the big picture, let us think beyond selfishness and let us work with the right attitude.

With these words, the National Celebration of the Reopening of the Marampa Iron Ore mines is now opened and the Groundbreaking Ceremony for the Construction of the Thofayim Ore transhipment in port Loko district is now launched.

Once more, let me congratulate London Mining for this great effort on behalf of the people of Sierra Leone.

I thank you.  

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