LRMG Inaugurates 30 MPTA Processing Plant and Heavy Fuel Oil power plant in Tonkolili


In a historic event on April 8, 2024, Leone Rock Metal Group (LRMG) celebrated the inauguration of its groundbreaking 30 MTPA processing plant and heavy fuel oil power plant at its Tonkolili Mine site in Sierra Leone. This plant, capable of delivering 10 million tons per year, represents a significant advancement in optimizing ore into 66% iron concentrate.

LRMG, renowned for its vertical integration approach, has set a new industry standard. Salim Sillah, Chief Technical Officer of LRMG, highlighted the company’s growth trajectory, citing the recent launch of the $200 million 12 million tons processing plant and the current $500 million investment in the 30 million tons facility within two years. Describing LRMG as “ambassadors of change,” Sillah emphasized the company’s dedication to innovation and progress.

Collin Ding, President of LRMG, underscored the project’s importance for Sierra Leone, noting the creation of over 6,000 jobs thus far, with plans to expand to 15,000 by 2025 through this project. This substantial job creation aligns with President Bio’s ambitious goal of generating 500,000 jobs by 2028. The project promises significant benefits in terms of royalties, fiscal revenue, and overall development for the country.

Julius Mattai, Minister of Mines, praised LRMG’s contributions to Sierra Leone’s mining sector, highlighting their track record of integrity and success. The collaboration between LRMG and MML resulting in the export of $800 million worth of iron ore underscores the company’s positive impact on the national economy and its commitment to collaborating with other companies to enhance the mining industry.

In his statement, Sierra Leone Vice President, Dr. Alhaji Mohamed Juldeh Jalloh commended LRMG for its dedication and investments, recognizing its pivotal role in advancing Sierra Leone economically and socially. The project symbolizes a beacon of progress for the nation, with the government committed to supporting initiatives that drive prosperity and growth.

LRMG’s Tonkolili Iron Ore project emerges as a global player in the industry, positioning Sierra Leone prominently on the world stage. The project not only enhances the country’s economic outlook but also enriches its human capital, emphasizing the collaborative efforts that have enabled this transformational project.

As the local community, government officials, and stakeholders unite in celebrating this significant milestone, the inauguration of LRMG’s processing plant marks a momentous step towards a brighter future for Sierra Leone and its people.




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LRMG Inaugurates 30 MPTA Processing Plant and Heavy Fuel Oil power plant in Tonkolili


In a historic event on April 8, 2024, Leone Rock Metal Group (LRMG) celebrated the inauguration of its groundbreaking 30 MTPA processing plant and heavy fuel oil power plant at its Tonkolili Mine site in Sierra Leone. This plant, capable of delivering 10 million tons per year, represents a significant advancement in optimizing ore into 66% iron concentrate.

LRMG, renowned for its vertical integration approach, has set a new industry standard. Salim Sillah, Chief Technical Officer of LRMG, highlighted the company’s growth trajectory, citing the recent launch of the $200 million 12 million tons processing plant and the current $500 million investment in the 30 million tons facility within two years. Describing LRMG as “ambassadors of change,” Sillah emphasized the company’s dedication to innovation and progress.

Collin Ding, President of LRMG, underscored the project’s importance for Sierra Leone, noting the creation of over 6,000 jobs thus far, with plans to expand to 15,000 by 2025 through this project. This substantial job creation aligns with President Bio’s ambitious goal of generating 500,000 jobs by 2028. The project promises significant benefits in terms of royalties, fiscal revenue, and overall development for the country.

Julius Mattai, Minister of Mines, praised LRMG’s contributions to Sierra Leone’s mining sector, highlighting their track record of integrity and success. The collaboration between LRMG and MML resulting in the export of $800 million worth of iron ore underscores the company’s positive impact on the national economy and its commitment to collaborating with other companies to enhance the mining industry.

In his statement, Sierra Leone Vice President, Dr. Alhaji Mohamed Juldeh Jalloh commended LRMG for its dedication and investments, recognizing its pivotal role in advancing Sierra Leone economically and socially. The project symbolizes a beacon of progress for the nation, with the government committed to supporting initiatives that drive prosperity and growth.

LRMG’s Tonkolili Iron Ore project emerges as a global player in the industry, positioning Sierra Leone prominently on the world stage. The project not only enhances the country’s economic outlook but also enriches its human capital, emphasizing the collaborative efforts that have enabled this transformational project.

As the local community, government officials, and stakeholders unite in celebrating this significant milestone, the inauguration of LRMG’s processing plant marks a momentous step towards a brighter future for Sierra Leone and its people.






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Heavy Taxes Force Business Shutdowns in Freetown


Shops and businesses in Sierra Leone’s capital, Freetown, have been forced to close their doors due to the burden of heavy taxes imposed by the government. The situation remains in limbo as it’s unclear when these businesses will be able to resume operations.

As part of the government’s efforts to staunch revenue leakages, the installation of electronic machines is being implemented to ensure that not a single cent is lost. This initiative aligns with President Julius Maada Bio’s manifesto of blocking fiscal inefficiencies. Unfortunately, shop owners have placed blame on the National Revenue Authority (NRA) for exacerbating the harsh economic environment that they face daily.

Facing the brunt of this economic crunch, many traders have made the painful decision to leave Sierra Leone in search of more business-friendly climates in neighboring countries, with Liberia being the preferred destination to escape harassment and undue hindrances.

The situation has only worsened with a recent press release from the NRA, which imposes fines on taxpayers failing to integrate or complete the integration processes with the Electronic Cash Register (ECR) system. The press release warns that non-compliance will result in a penalty of 250,000,000 Leones and potential revenue loss assessments. The NRA, represented by Commissioner-General Ibrahim Brima Swarray, has given taxpayers a two-month grace period starting from October 20th of this year, during which the integration process can be facilitated for a minimal fee. Failure to meet this deadline will invoke penalties stipulated by law.

This shutdown marks the latest in a series of protests by businessmen in Freetown, with the introduction of the Goods and Services Tax (GST) system in 2022 being a major point of contention. Under this system, electronic machines will record sales and collect taxes, primarily affecting various businesses such as supermarkets, hotels, restaurants, bars, and more. The business community has expressed deep discomfort with these changes, viewing them as a form of economic exploitation, particularly in these times of economic hardship.

In response, businesses have grumbled that the NRA’s insistence on using these machines is an unnecessary burden and a potential exploitation of their economic challenges. Failure to issue a GST receipt generated from ECR machines can result in severe penalties, including hefty fines or imprisonment. To keep business afloat, GST taxpayers are required to notify the NRA of any issues during the installation and operation of these machines within 24 hours. They must also regularize their registration information to obtain a new Taxpayer Identification Number and install the machines promptly.

The relationship between the government and traders has deteriorated significantly due to these measures, leading to a dire business environment, with businesses folding under the strain. Business owners are now calling on the government to protect their businesses rather than impose further hardships.






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