By: Amara Kargbo

The Ministry of Mines and Mineral Resources has unfolded its revenue projection for the Fiscal Year 2024 that the ministry, through its revenue streams including license fees and totalities, will generate a total of $32,290,000 million . This was made at the just concluded Budget Hearing Discussion at the Finance Ministry.

The ministry highlighted its key deliverables for 2024 that it will undertake to hit its target in revenue generation, namely operationalize the Mines and Mineral Development Act and Regulating 2022, Develop the Artisanal Mining Regulation, increase the number of FDI attracted to the Mineral Sector in Sierra Leone by mining companies with an investment projection of 700 million USD, increase the number of job creation from 14,768 to 20,000 and contracts services to fifty Sierra Leoneans businesses in 2014 and work with mining communities to develop five Community Development Agreement Frameworks in Lower Bambara, Marampa, Imperri, Bagruwa, Gbensw and Tankoro Chiefdom.

The ministry equally emphasized in its Strategic Plan for (2024-2026) to increase revenue generation, which contributes to Sierra Leone’s Sustainable Development Agenda, provide support for Artisanal and Small-Scale Mining in Sierra Leone, use Advanced Technology-Based Solutions to combat illegal and illicit mining activities in the country, and increase Women’s participation in the mineral sector.

The Ministry gears towards promoting mining investment and regulating the mining industry in the country, through the adoption and implementation of appropriate mineral sector governance and management regimes and programmes in the realization of potential economic benefits from mining and mining related activities for sustainable national development and improved quality of life and prosperity.

The Ministry mentioned in its 2023 achievements that there have been both improvements in boosting government revenue generation by increasing Large-Scale License fees from $500,000 to $750,000, enforcing the signing of Community Development Agreements by Large-Scale Mining Companies and allocated revenue of production sales to Community Development Funds and others.