Leone Rock Mining Site, Tonkolili District, Sierra Leone, April 15, 2025 – His Excellency President Dr. Julius Maada Bio presided over a landmark event in the heart of Sierra Leone’s mining region, Tonkolili District, marking a significant milestone in the country’s extractive industry. The occasion was the formal handover of over Sixty-Two Million, Two Hundred and Fourteen Thousand, Eight Hundred and Eighteen New Leones (NLe 62,214,818.88), equivalent to USD 2,749,364.48, to primary host communities within the concession areas of Leone Rock Metal Group (LRMG), formerly known as Kingho Mining Company.
This payment represents 1% of LRMG’s annual gross revenue, in fulfillment of the company’s statutory obligation under the Community Development Agreement (CDA), a legal framework embedded in Sierra Leone’s mining legislation. The CDA ensures that communities hosting mining operations benefit directly from the revenues generated by extractive activities in their areas
President Bio lauded the initiative as a clear demonstration of his government’s commitment to ensuring transparency, accountability, and inclusivity in the mining sector. He emphasized that this payment aligns with his administration’s broader vision to formalize and regularize how mining-affected communities derive tangible benefits from resource extraction.
“This is a proud moment for our nation and particularly for the people of Tonkolili. Today’s event is a testament to our policy direction, that communities must not be bystanders but active beneficiaries of the wealth beneath their soil,” President Bio stated during the ceremony.
In addition to the CDA disbursement, the event was further marked by the laying of the foundation stone for a state-of-the-art Magnetite Processing Plant. The facility, once completed, will have the capacity to process 12 million metric tonnes per annum (MTPA) of magnetite. With a projected cost of $230 million, this project forms part of Phase II of LRMG’s expansion program, which aims to significantly boost the country’s iron ore processing capacity and add value to Sierra Leone’s mineral exports.
The groundbreaking ceremony brought together an array of high-level dignitaries, including senior government officials, executives from LRMG, traditional authorities, and community leaders from the affected chiefdoms. Their presence underscored the collective commitment of both the government and the private sector to ensuring that mining contributes meaningfully to sustainable development, job creation, and the economic empowerment of local communities.
LRMG’s investment and adherence to the CDA model reflect a broader shift toward responsible mining practices, community engagement, and social accountability in Sierra Leone’s natural resources sector.
As Sierra Leone continues to unlock the potential of its vast mineral wealth, initiatives like the CDA and industrial investments such as the magnetite plant stand as pillars of a more equitable and inclusive mining economy, one where development is shared, and prosperity is locally rooted.
