SL Mining’s Marampa Project – Statement

October 8, 2019 – Lunsar, Sierra Leone and London, UK: SL Mining Limited (“SL Mining”), a wholly owned subsidiary of Gerald Group commented today:

1. On 7 October 2019 SL Mining received a letter from the Government of Sierra Leone, which purported to cancel with immediate effect SL Mining’s Large Scale Mining Licence relating to its Marampa Project. The Government’s purported cancellation is contrary to applicable law, the parties’ contract and the Government’s international treaty obligations. SL Mining has always been and remains in compliance with its obligations under the parties’ contract and the law.
2. The Government’s purported cancellation is also contrary to two decisions issued by the Emergency Arbitrator officiating in an ICC arbitration between SL Mining and the Government, namely an Order dated 8 September 2019 and a Modified Final Order dated 4 October 2019 which explicitly requires the Government not to cancel SL Mining’s Licence.
3. SL Mining calls on the Government to withdraw the purported cancellation immediately, failing which SL Mining will pursue all available remedies against the Government and any relevant third parties, including for compensation for the harm caused which we expect to be in excess of USD 500 million.

SL Mining is a wholly-owned subsidiary of Gerald International Limited, which is the holding company for all entities in Gerald Group. Gerald Group is one of the world’s leading commodity groups, and the oldest and largest employee-owned commodity merchant in the world. SL Mining restarted production at the Marampa Project after 4 years, following earlier failed attempts by other international companies. SL Mining began marketing and shipping premium grade >65% iron ore concentrate in June and July this year from the Marampa Project.

 

For information visit: https://marampamines.com

Press enquiries:

SL Mining: media@slmining.sl

Gerald Group: media@gerald.com