SL Mining’s Marampa Project – Update & Third Parties

October 11, 2019

October 11, 2019 – Lunsar, Sierra Leone and London, UK: SL Mining Limited (“SL Mining” / “the Company”), a wholly owned subsidiary of Gerald Group, today confirmed that in order to protect SL Mining’s legitimate interests, the Company has published a notice relating to all third parties of this interim emergency order and the restrictions placed upon the Government of Sierra Leone in respect of SL Mining’s Marampa Project, its assets, stockpiles and equipment.

SL Mining is pursuing legal action against the Government in connection with its unlawful conduct and non-compliance with the binding decisions reached in international adjudication.  SL Mining will not hesitate to take legal action against third parties who infringe its rights in relation to the Marampa Project.

Following the purported cancellation, the Emergency Arbitrator on 9 October 2019 issued an interim emergency order directing the Government of Sierra Leone:

(i) to comply with the Emergency Arbitrator’s Order as amended;

(ii) to refrain from taking any steps to further aggravate the dispute pending the Emergency Arbitration’s decision in respect of SL Mining’s forthcoming application to amend the Order, including:

(a) removing, dealing with, or otherwise interfering, directly or via third parties, with SL Mining’s assets, including equipment and stockpiles of iron ore, in relation with SL Mining’s Marampa iron ore project (the Marampa Project);

(b) directly or indirectly operating itself, or allowing third parties to operate, the Marampa Project;

(c) taking any steps towards the issuance of a mining licence and/or entry into a mining lease agreement relating to the Marampa Project or any part thereof to and/or with a third party; and

(d) otherwise altering the status quo as of immediately before receipt of the letter purportedly cancelling the Licence.

In our Statement of 8 October 2019, SL Mining disclosed that the Government of Sierra Leone had, by letter received on 7 October 2019, purported to cancel SL Mining’s Long Term Mining Licence relating to the Marampa Project in Sierra Leone.   This purported cancellation was unlawful and invalid, and was contrary to the amended Order of the Emergency Arbitrator officiating in the ICC arbitration between SL Mining and the Government of Sierra Leone.

SL Mining is a wholly-owned subsidiary of Gerald International Limited, which is the holding company for all entities in the Gerald Group. The 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.

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