𝐌𝐢𝐧𝐞𝐬 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 𝐑𝐞𝐯𝐚𝐦𝐩𝐬 𝐌𝐢𝐧𝐢𝐧𝐠 𝐒𝐞𝐜𝐭𝐨𝐫

He reported that non-tax revenues for 2024 amounted to approximately $50 million, while tax revenues generated from the sector were between $8–9 million

editorApril 10, 20251 Mins read14 Views

Under the leadership of the result-oriented and hard-working Minister of Mines and Mineral Resources, Julius Daniel Mattai, the country’s mining sector continues to register growth in non-tax revenue, with mining license fees now contributing approximately $1 million annually. This revenue forms part of a broader non-tax income of $49.9 million generated in 2024, marking a significant increase. Due to his strict regulatory oversight, the revised mining policies, and improved compliance mechanisms, the mining sector saw a considerable boost.

Speaking at the Ministry of Information’s weekly press conference, Minister Mattai outlined the structure of mining revenues in Sierra Leone. He explained that Tax revenues, including corporate income tax, withholding tax, GST, and customs/excise duties, are handled by the Ministry of Finance and the National Revenue Authority (NRA), while Non-tax revenues, such as royalties and license fees, are managed by the Ministry of Mines.

He reported that non-tax revenues for 2024 amounted to approximately $50 million, while tax revenues generated from the sector were between $8–9 million.

In his impressive analysis in terms of exports, he said.

• 2023 recorded a total mineral export value of $1.6 billion.

• 2024 saw a slight drop to $1.2 billion, largely due to Sierra Rutile halting operations.

Breakdown of 2024 export contributions:

• Iron Ore: 70% of total exports, worth $785 million, mainly from Kingho Mining Company and Marampa Mines.

• Diamonds: 12%, with $102 million in export value—$82 million from Koidu Holdings and $20 million from artisanal miners.

• Gold: $11 million, with $10 million from artisanal mines and $1 million from large-scale mining.

A significant development is the licensing of FG Gold, a large-scale gold mining company projected to generate over $300 million annually, a substantial increase from the current $1 million in large-scale gold exports