See also:
» 15.11.2010 - More oil found off Sierra Leone
» 30.09.2010 - Sierra Leone celebrates end of UN sanctions
» 21.09.2010 - Sierra Leone growth too slow
» 04.12.2009 - Sierra Leone gets $4.0 million for reforms
» 08.12.2006 - African blood diamond film hits theatres
» 06.04.2005 - Sierra Leone's rich rutile mines reopened
» 16.12.2004 - Sierra Leone diamond exports up 60 percent
» 31.07.2003 - Diamond Fields Ltd acquires mines in Madagascar, Sierra Leone

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Sierra Leone
Economy - Development

Investments pour into Sierra Leone mining

afrol News, 20 November - A steadily growing number of foreign mining companies is entering Sierra Leone's gold and diamond sector. Only today, a minor Canadian gold and diamond mining company announced it has formed a subsidiary in Freetown.

Mexivada, a junior Vancouver-based mining company, today said it had "formed a new subsidiary to pursue small scale rapid gold and diamond mining opportunities in Sierra Leone." Several fast-track mining opportunities were now being "evaluated" by the company, and the Freetown subsidiary was to "focus on the identification and development of gold placer deposits and alluvial- and kimberlite dike-hosted diamond deposits."

The Canadian company is only one in a line to enter Sierra Leone as the democratically elected government of President Ernest Bai Koroma, in 2007, has managed to rid the country off its "blood diamond" image, created in the brutal 1991-2001 civil war. Sierra Leone's governance has improved dramatically since the conflict, and government has instituted the Kimberley Accord for the mining, sale, and distribution of diamonds.

Among the first to enter the sector was Toronto-based Sierra Gold, which in early 2007 moved to secure gold property in the country. Sierra secured large tracts in the greenstone belt in Sula Mountains, which it said "contains the largest known hard rock gold vein deposit in Sierra Leone."

In August this year, London-listed Cluff Gold announced it had completed the acquisition of the remaining 40 percent stake in the Sierra Leone Baomahun gold project for US$ 22 million. The government of Sierra Leone granted Baomahun Gold Limited, Cluff's 100 percent-owned subsidiary, a mining lease for 25 years.

Sierra Leone indeed is a country rich in minerals, with more than 70 percent of the country underlain by Archaean rocks. The geology is similar and connected to the most yielding rocks of West Africa, including Guinea, Ghana and Mali.

Diamonds, gold, bauxite and platinum are Sierra Leone's main mapped resources, but mining - at least the legal part of the business - came to an abrupt end during the civil war. Since the 1990s, artisanal mining has been dominant, with smugglers taking diamonds and gold to world markets.

"Like its neighbours, Sierra Leone also has the potential to become a significant gold producing country," holds Sierra Gold. But the greatest potential is still believed to be the diamond sector. Before the war, Sierra Leone had yielded more than 100 million carats of alluvial diamonds, and gems up to 968 carats in size - the "Star of Sierra Leone" - have been produced in the country.

Now, as the country is assessed a safe place to invest, foreign companies are lining up to get lucrative properties - despite the global recession that has made mineral prices plummet.

- Create an e-mail alert for Sierra Leone news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at