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HomeBreaking NewsUSD $20 Million For Sierra Leone’s Extractive Industry

USD $20 Million For Sierra Leone’s Extractive Industry

USD $20 Million For Sierra Leone’s Extractive Industry

The Government of Sierra Leone (GOSL) in collaboration with the World Bank has officially launched the $20 million project of the Extractive Industries Technical Assistance (EITI).

The launching ceremony took place at the Miatta Conference Centre in Freetown on Tuesday 23rd October 2018.

Delivering the keynote address, Vice President of the Republic of Sierra Leone, Dr. Mohamed Juldeh Jalloh  (in photo) described the project as in line with the commitment the President made in the New Direction manifesto adding that the project will support the conditions that will address some of the challenges that we all know are inherent  in mining operations.

“Exploitation of Sierra Leoneans extractive resources has produced mixed result”, said VP Jalloh and continued that some observers would argue that our extractive resource endowments have contributed to economic growth, financial infrastructural developments, supported effort to improve social service delivery rural communities.

He reiterated that extractive resources have caused more havoc on the country’s potential adding that it is clear from the general evidences that the pattern of governance in the extractive industries have failed to meet popular expectation therefore compelling us to rethink the governance of the extractive sector to enable us harness the desired benefits.

In his state opening address to Parliament, VP Jalloh said President Bio clearly underlined these profound challenges stating that the sector lacks transparent and institutional capacity. He concluded that the President outlined key policy directives to enable us put the sector on the urgent track, including ensuring full transparency, undertake comprehensive reforms and support value addition.

In his presentation, the Permanent Secretary in the Ministry of Mines and Mineral Resources, Martin Jimmy said the project seeks to strengthen governance and management of the minerals sector, increase geological knowledge and enhance minerals sector contributions to economic growth and sustainable development of Sierra Leone. He said District Chairmen, Mayors and Chief Administrator participated in the mineral sector stakeholders’ technical session.

World Bank representative maintained that the aim of the project was to support the artisanal mining sector in the country adding that the objective of the twenty million project is to continue build on the improvements to mineral governance vis-à-vis strengthening the legal and regulatory frameworks and supporting the implementation of the recently updated Minerals Police and Artisanal Mining Policy.

He said the project will also promotes cleaner gold production processes amongst artisanal and small-scale miners and mentioned that this activity will make recommendations along the gold value chain for scaling up the production and marketing of artisanal and small scale  gold resources  using a unique Sierra Leoneans ‘Green Gold’ brand based on principles of ‘fair mining’.

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