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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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Miski Concludes Iftar Donations to 10 Mosques Nationwide


During the sacred month of Ramadan, Premium Divine Trading Limited continued its tradition of supporting Muslims across Sierra Leone through its products. This year, the company embarked on a nationwide distribution of Miski, Cowbell, Onga and Kremela products to 10 major mosques in the country, along with wet sampling in 21 other mosques.

Miski, which is one of the products that is marketed by Premium Divine Trading Company Ltd, a food distribution company that operates as an agent for Promasidor, a leading supplier of quality food products in more than 30 African countries, including Sierra Leone, that was donated to these major mosques in the county has been commended by many Sierra Leoneans as one of the best that gives nourishment to the body as attested by many who were observing the month of Ramadan.

The donation of these products to these mosques has been widely praised by Sierra Leoneans for its nourishing qualities, particularly during Ramadan. On Wednesday, March 27th, 2024, the symbolic conclusion of the nationwide distribution ceremony took place at Masjid Al-Aqsa Brookfields Central Mosque and Masjid Al-Sahaaba Pipe Line Off Wilkinson Road in Freetown respectively.



In his address, Kenneth Konuah, the Country Manager of Premium Divine Trading Ltd, emphasized the significance of Ramadan to Muslims worldwide. He stated that Premium Divine Trading Company Ltd, as a responsible entity, saw it fitting to conduct a nationwide distribution of its Cowbell, Miski, Onga, and Kremela products to major mosques in the country as a gesture of giving back to society.

He expressed gratitude for the continuous business support and growth enjoyed among the Muslim community, viewing the distribution as an appreciation and demonstration of love.

The Country Manager underscored the belief that Sierra Leoneans deserve access to nutritious food products, highlighting the unmatched quality of Cowbell and related items. Konuah noted that this gesture aligns with the company’s longstanding commitment to contributing to the development of Sierra Leoneans and the country as a whole.

He announced the distribution of 500 assorted cartons of products to 10 mosques nationwide, including Masjid Al-Aqsa Brookfields Central Mosque and Masjid Al-Sahaaba Pipe Line off Wilkinson Road in Freetown. Emphasizing the importance of good nutrition for growth and vitality, he praised Cowbell milk as a rich source of protein, calcium, and essential vitamins.

Konuah revealed that Miski product come in various flavours. He disclosed that these products are produced in Ghana by Promasidor Ghana Limited for export sales to several West African countries, including Sierra Leone.

Fawaz Milton, the Marketing Lead, reiterated the company’s dedication to extending a helping hand to fellow Sierra Leoneans, emphasizing the quality and reliability of their products. The sentiments echoed by Milton reassured the populace of Premium Divine Trading Limited’s ongoing commitment to serving the community.

He encouraged all to go in for the company’s products especially the Miski which he said is of high quality and when consumed will definitely nourish the body.

The Deputy Imam of Masjid Al-Aqsa Brookfields Central Mosque, Ahmed Bangura expressed appreciation to expressed appreciation to the Premium Divine Trading Company Ltd for considering their mosque to benefit from this year’s donation.

He said that the Month of Ramadan is a month of love sharing and that the sharing of love during Ramadan is very important of which he said that the mosque is welcoming Muslims coming to breakfast, adding that the donation will help in that regard.

Sheik Abubakar Jalloh, Acting Imam of Masjid Al-Sahaaba Pipe Line off Wilkinson Road, described the donation as very important in the holy month of Ramadan, highlighting the significance of these contributions, especially during a time of economic hardship, and offered prayers for the success and prosperity of the company.

On behalf of mosque, he applauded Premium Divine Trading Limited for their thoughtful gesture, describing it as a beacon of hope and solidarity during challenging times. They called upon other trading companies, organizations, and philanthropists to follow the commendable example set by the company and extend support to those in need.

In conclusion, as Sierra Leoneans observe Ramadan amidst economic difficulties, Premium Divine Trading Limited’s compassionate outreach exemplifies corporate social responsibility and community solidarity. Their donation serves as a beacon of hope and unity during challenging times, inspiring others to follow suit and support those in need.





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Now Flying to Freetown, Sierra Leone


In a significant development for travelers in Sierra Leone, Ethiopian Airlines has announced the commencement of its operations to Freetown, via Ouagadougou, effective May 31st.

This new route will connect the capital city to Addis Ababa, Ethiopia’s bustling metropolis, with flights scheduled from Addis Ababa on Tuesdays, Thursdays, and Fridays. Additionally, travelers from Freetown can embark on their journey back to Addis Ababa on Wednesdays, Fridays, and Saturdays.

Situated at 32 Main Motor Road – Congo Cross, Ethiopian Airlines invites the public to visit their office and explore the myriad of travel opportunities available. Whether it is a leisurely escape or a business venture, their dedicated team is prepared to assist travelers in planning their trips with ease and expertise.



For inquiries and reservations, individuals can reach out to Ethiopian Airlines via phone at +232 33 071 071 or by visiting their official website at www.ethiopianairlines.com. With a wide array of destinations on offer, including Johannesburg, Beirut, Mumbai, Guangzhou, New York, London, Paris, Nairobi, and many more, Ethiopian Airlines opens doors to the world like never before.

Don’t miss this chance to broaden your horizons and embark on unforgettable journeys with Ethiopian Airlines. Book your tickets today and experience the convenience and comfort of traveling with one of Africa’s leading airlines.

Contact Information:
Address: 32 Main Motor Road, Congo Cross
Phone: +232 33 071 071
Website: www.ethiopianairlines.com





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Sierra Leone Leone Now Supported on Binance P2P Platform


Cryptocurrency exchange Binance announced support for the Sierra Leonean Leone (SLL) on its peer-to-peer (P2P) platform in February 2023.

This addition allows Sierra Leone residents to directly buy and sell cryptocurrencies like Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Binance Coin (BNB), and Binance USD (BUSD) using their local currency.

Through Binance P2P, users can now:



Post trade advertisements: Advertise their desire to buy or sell cryptocurrencies with SLL.

Zero fees: Enjoy zero transaction fees when trading with other users or verified merchants.

Multiple crypto options: Trade directly with other users for various cryptocurrencies beyond just Bitcoin.

Binance is also seeking local P2P merchants in Sierra Leone. These merchants can benefit from:

Exclusive support: Receive dedicated customer support from Binance.

Verified badges: Gain increased trust from potential trading partners through verified badges.

Advanced tools: Utilize advanced trading tools to manage their P2P business effectively.

VIP programs: Enjoy benefits like VIP discounts and zero commissions.

This move by Binance opens up new opportunities for Sierra Leonean residents to participate in the cryptocurrency market using their local currency. It also fosters a more accessible and efficient way to buy and sell crypto within the country.



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Orange Launches 6th Edition of OSVP in Sierra Leone And 14th Edition in Africa And The Middle East


Orange Sierra Leone launches the 6th edition of the Orange Social Venture Prize (OSVP) in Sierra Leone and 14th edition in Africa and the Middle East to support social innovation and encourage local entrepreneurship.

This will mark the 6th Edition of the OSVP competition in Sierra Leone and 14th edition in Africa and Middle East. The Competition will officially open for submission of applications Monday, March 25th 2024. Applicants from the 17 Orange affiliates in Africa and Middle East including Sierra Leone must apply for both the National and International competition and should submit their applications on or before 26th May 2024 at the website below:

Through this competition, Orange Sierra Leone, as a responsible corporate and social investor, aims to contribute to the human capital development, support local social and environmental innovations, and encourage entrepreneurship in Sierra Leone.



Since 2019, OSVP prize has been awarded to innovative projects in the field of education, healthcare, e-commerce, and agriculture and projects that contribute to achieving sustainable development goals using digital technology. The competition has two stages:

The National Stage

Applications will be submitted from the 25th March – 26th May 2024 for the National and Women’s competition. At the end of this application phase, a national pitch competition will be held in August 2024 to award the National and Women’s category winners. The winners will receive the following prizes:

  • NLe 200,000 – National Winner
  • NLe 120,000 – Women’s Winne

The International Stage

The National and Women category winners from each subsidiary in the 17 Orange affiliates in Africa and Middle East will automatically be selected for the international phase. After their evaluation, 10 finalists will be selected. A final jury of African tech influencers will select the top 3 winners of the OSVP International Grand Prize in October/November 2024.

As equal opportunity is a key aspect of Orange policy, an International Women’s Prize will also be awarded for the fifth consecutive year. This prize will be awarded to a woman who offers a technological solution to improve the living conditions of women (women’s independence, job creation or preservation, gender data collection, digital and financial inclusion, etc.).

The winners of the international and women’s competition will receive the following prizes:

  • €25,000 for 1st place international winner
  • €15,000 for 2nd place international winner
  • €10,000 for 3rd place international winner
  • €20,000 for Women’s international winner





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Sierra Rutile Holdings Limited Sets to Issue Redundancy Letters to Affected Staff


The management of Sierra Rutile Holding Limited has informed affected staff by the redundancy notice including Sub stewards and General Staff that the company will commence a three-day distribution service of redundancy letters to its affected personnels effective Tuesday 26th March 2024 to Thursday 28th March 2024.

The redundancy letters will be issued alongside the payment slips and redundancy calculation in relation to end of service benefits.

The company is however calling on the attention of all those affected to attend a verification exercise to meet the appropriate requirements for payments.



Payment will be made into individual accounts by the end of March 2024.

In a situation where an affected is unable to attend the verification process, an opened communication is required ahead of the stipulated time frame through the union providing reasons for your absence.

The company however disclosed not taking responsibility of any deferral after the verification exercise as a payment requirement.



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RCBank Issue Official Communique From The National Symposium on Cyber Security And Financial Inclusion


One of Sierra Leone’s leading financial institutions, Rokel Commercial Bank has issued a Communiqué from the National Symposium on Cybersecurity and Financial Inclusion Organized by the RCBank and EST Applied Intelligence (UK) On the 22nd February 2024 at the Freetown City Council Auditorium.

The event which attracted over 500 participants from financial Institutions, MDAS, the private sector, educational institutions, security agencies etc, was part of the bank’s contribution towards the strengthening and or establishment of a robust cybersecurity capability in Sierra Leone.

The symposium was immediately followed by a working breakfast where a smaller group of carefully selected participants from RCBank and other relevant institutions further deliberated to identify six key variables that subsequently became the communique for the RCBank National Symposium on Cybersecurity and Financial Inclusion in Sierra Leone. These are as follows:



1) Increased awareness of the evolving cybersecurity threat landscape and the importance of proactive measures to mitigate risks.

2) Enhanced understanding of best practices, frameworks and strategies for safeguarding digital assets and infrastructure including sensitive customer data

3) Strengthened professional connections and collaboration opportunities within the financial services, defence, national security and wider cybersecurity communities

4) Formation of the first ever Cybersecurity Tiger Group in Sierra Leone for cross sector collaboration and capacity building.

5) Formation of the first ever Financial Services Cybersecurity Chapter in Sierra Leone The Gilpin Chapter

6) Formation of the first ever Defence Cybersecurity Chapter in Sierra Leone – The Lavahun Chapter.

The Management of the Bank  further express their immense gratitude to our distinguished guests, esteemed speakers, panelists, media representatives, and partners for their invaluable support and contributions. Your expertise and dedication significantly enriched the symposium and breakfast experience and contributed to its success. They also extend a special thank you to the organizing committee and volunteers whose hard work and dedication made these events possible.

“Your tireless efforts behind the scenes were instrumental in ensuring a seamless and impactful symposium and breakfast. As we reflect on the insights shared and connections made during the symposium and breakfast, let us continue to collaborate and innovate in the field of cyber security. Together, we can strengthen our defences, adapt to evolving threats, and build a more secure and resilient digital ecosystem. We encourage you to stay connected with us and secure and resilient digital ecosystem. They encourage all participants to stay connected with them and each other, whether through professional networks, follow-up discussions, or future collaborative initiatives,”the communiqué states.

The Bank urge for all to harness the momentum generated by the African Banker’s symposium and breakfast to drive positive change and advance cyber security excellence.

 





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New Life for Sierra Rutile with PRM


Immediately news broke out of the proposed takeover of Sierra Rutile Limited by PRM the share price rise by 34%. At the global financial market this is what happened when good takeovers are announced. The hike is normally generated from the goodwill and reputation built over the years by the proposed company.

PRM the investment arm of Gerald Group, a US company with over 60years track record made a $40m takeover of the remaining shares being offered on the Australian Stock Exchange.
PRM already have 11.46% interest and voting right in the mineral sand mining company that was originally founded in 1971 my US based steel company Armco and Nord Resources.

Prior to PRM bid Sierra Rutile had suspended all mining and processing activities which will result in about 25% of staff mostly Sierra Leoneans losing their jobs. It is hope that this new takeover will not only save their jobs but brings renew hope to the future of the mineral sand mining company.



The mining landscape in Sierra Leone have had many challenges in the last decade which was down to the volatility of the commodity market and the inability to absorbed shock driven by the many global activities.

The takeover of Sierra Rutile Limited by PRM under the leadership of Craig Dean has been a welcome news by many in the mining and investment community both in and outside of Sierra Leone. His track record of running a successful trading company and the backing from Gerald Group the parent company cannot be over emphasised.

When he took over Marampa Mines Limited just over 3 years ago he focused on differentiation strategy. He secured and invested in the technology and personnel to produced a high grade Iron Ore product referred to as Marampa Blue from Lunsar. This product is amongst the best and highest grade in the world therefore showcasing Sierra Leone as hub for quality Iron Ore.

The level of investment Gerald Group had made to date at the Marampa Mines Limited is in excess of $300m all from equity.
Only serious investor with vested interest and trust for the people of Sierra Leone can convince his Board to approve such amount.

His track record in Sierra Leone in the last three years includes payment of over $40m to date to the Government of Sierra Leone through royalties, PAYE etc.
A record setting CDA payment.
Over 2000 jobs created whilst pushing government agenda in having over 30% of the workforce being women.

Having credible takeovers from companies like Gerald Group will only increase investor’s confidence and attract Foreign Direct Investment from similar players that will benefit Sierra Leone.

With their track record and every indication this takeover by PRM, there is hope for the future of Sierra Rutile Limited.



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Bank of Sierra Leone Launches Innovative Agricultural Credit Scheme


Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, has introduced an innovative Agricultural Credit Scheme. This program aims to extend vital financial assistance to credible entrepreneurs within the agricultural sector, facilitating their efforts to expand production and bolster economic progress.

Through the Agricultural Credit Scheme, eligible entrepreneurs will have the opportunity to secure loans of up to $100,000, a substantial sum capable of fostering significant growth and innovation within the agricultural domain. One distinguishing feature of this scheme is its remarkably low-interest rate of 10%, contrasting sharply with the historically burdensome rates that have hindered agribusiness growth in the region, often surpassing 30%.

The decision to launch this proactive initiative underscores the Bank of Sierra Leone’s dedication to nurturing an enabling environment for agricultural advancement and economic diversification. By providing accessible credit to entrepreneurs with viable agricultural enterprises, the scheme aims to tackle persistent financing barriers that have stifled the sector’s potential.



Dr. Ibrahim Stevens, in elucidating the rationale behind the Agricultural Credit Scheme, emphasized agriculture’s pivotal role in propelling socio-economic advancement and alleviating poverty in Sierra Leone. He highlighted the necessity for innovative financial tools tailored to the unique requirements of agribusinesses, acknowledging their capacity to foster employment, enhance food security, and invigorate rural development.

The unveiling of the Agricultural Credit Scheme has been met with enthusiasm from diverse stakeholders, including farmers, agribusiness proprietors, and policymakers. Many perceive this initiative as a transformative endeavor capable of unlocking Sierra Leone’s agricultural sector’s untapped potential, positioning it as a primary catalyst for sustainable economic growth and prosperity.

As the scheme is implemented, focus will shift towards evaluating its execution and influence, with stakeholders eagerly anticipating the transformative impacts it is poised to deliver across Sierra Leone’s agricultural landscape.



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Court Grants Stay of Execution, Orders Leonoil to Pay Le6 Billion


A High Court judge in Sierra Leone has granted a stay of execution in a fuel supply dispute between Jaffer Zeghir, Chief Executive Officer of SKM Group of Companies and Leonoil Company Limited.

According to the particulars of the case,  Zeghir purchased 200,000 liters of fuel from Leonoil in 2021 for Le 1.29 billion (old Leones) at the pre-hike price of Le 7,000 per liter. Leonoil refused to deliver the fuel after a fuel price increase, citing confusion over tax payment responsibility.

Zeghir sued and won a judgment in February 2024, ordering Leonoil to deliver the fuel.



Leonoil appealed the judgment and requested a stay of execution, arguing “special circumstances” due to the tax issue. Justice Samuel O. Taylor granted the stay on the conditions that Leonoil must deposit Le 6 billion (old Leones) in an interest-bearing account within 14 days and Leonoil must guarantee payment of the judgment amount plus interest if they lose the appeal.

Leonoil claimed the National Revenue Authority’s (NRA) late response regarding tax responsibility created a “special circumstance.” Zeghir Opposed the stay, arguing that Leonoil failed to act during the trial by not joining the NRA as a party to clarify the tax issue. He also pointed out Leonoil’s signed undertaking to accept any court judgment.

Whether Leonoil will comply with the court order and deposit the Le 6 billion remains to be seen.



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