As President Bio led government remains committed to radical revenue mobilization to actualize his dreams for Sierra Leone, the Ministry of Mines and Mineral Resources via the National Minerals Agency has clamped down on 40 illegal mining companies brazenly evading taxes and grossly violating statutory obligations to government.

Prominent amongst these defaulting companies are Kingho Investment Company Limited; RIMCO Mining Company, Shadow Minerals (SL) Limited, Atlantic Minerals (SL) Limited, Universal Gold Mining and Exploration (SL) Limited, Baomahun Gold Limited, Trillium International Offshore (SL) Limited, Universal Dawnus (SL) Limited, Total Global Steel Company Limited, among others.

NMA whose mission is to transform the minerals sector for a better Sierra Leone said, the action is part of the ongoing efforts of the agency to transform the mining sectors to enhance increased revenue generation for the state.

Consistent with the provision of Section 53 of the Mines and Minerals Act of 2009, the Minister of Mines and Mineral Resources has cancelled the licenses of these companies with immediate effect, for failing to meet their financial and statutory obligations.

This proactive measure by the Minister and NMA described by many as a stop to the usual tax holidays for these companies with intent to defraud the state will no longer be tolerated under the ‘New Direction’ of President Bio.

These companies have owed the government through taxes to the tune of over $21 million but the Ministry has put the requisite measures to ensure the government recovered money owed.

Only three large scale mining companies are currently operating in the country including Sierra Rutile, Vimetco and Octea (former Koidu Holdings) which result to the diminishing of the most anticipated revenue generation for government at the Mines Ministry.

The Ministry of Mines has been contributing 20-24% of the country’s GDP and highest earner of foreign currencies but they are far from reaching that target with the present challenges the ministry is faced with.
The Minister recently spoke of ongoing review of the 2009 Mines and Minerals Act which will cater for greater revenue generation and beneficial to host community people of mining communities in the country.