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July 4, 2021
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Marampa Mines loads first OGV for export of iron ore from Sierra Leone

 

Lunsar, Sierra Leone, 4 July 2021: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”) a subsidiary of Gerald Group (“Gerald”), one of the world’s leading metals merchants, is excited to announce the arrival of its first Ocean Going Vessel (“OGV”) and the kick off of its first day of loading >65% Fe iron ore concentrate at Delta 1 anchorage point in the Port of Freetown, Sierra Leone. The premium grade material will be MML’s first shipment to leave the shores of Freetown Port following the out of court settlement of the dispute between the Government of Sierra Leone and SL Mining Limited / Gerald Group. Over the following months, MML will export the current “Stockpile” of ~707k tons of iron ore beneficiated by SL Mining and known globally as Marampa BlueTM.  The export of the Stockpile is in accordance with the “Contract Regarding Sale of Iron Ore Stockpile” signed on 25 May 2021 pursuant to the binding settlement  signed on 7 May 2021.  As per the binding settlement, the Company will pay to the Government a fixed sum of USD 20 million in two instalments of USD 10 million by 31 October 2021 and 31 December 2021, respectfully as the Stockpile is monetized.

Craig Dean, the Chairman and CEO of Gerald Group said, “Today marks the restart of iron ore shipments, and as we look to the future, all of us at MML and Gerald are excited about this 1st shipment in 2021 and as we progress to the re-opening of the mine once the mining license is issued in accordance with the applicable laws and the binding agreement.  I would like to thank His Excellency Julius Maada Bio for the opportunity to settle all disagreements of the past, and his full support that allows our export operations to re-start in record time.”

 

The team is also working quickly and safely to resume iron ore mining and processing at the mine site, initially set for 2Mtpa capacity, rising to 3.25Mtpa within 12 months, creating in the process over 1,400 jobs and a workforce with over 90% local employees and contractors this year. In the spirit of the resolution and under the signing of a binding agreement by both parties on 7 May 2021, both parties committed to terminate their respective legal proceedings and claims under ICC and ICSID arbitrations, and to provide full support to ensure rapid commencement of mining operations. Gerald owns 90% of MML while the Government of Sierra Leone owns the remaining 10%.  In addition, MML also gets what is known as the Marampa South and Marampa North mining concessions.

Marampa Mines is engaged in the exploration, development and production of iron ore concentrate from resources of over 1 billion tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company is committed to being a globally competitive, world-class iron ore producer. Through continued investment, expertise and long-term commitment to the Project, MML aims to materially increase production of >65% Fe quality iron ore concentrate branded Marampa BlueTM, the highest quality iron ore in Africa and one of the cleanest grades globally. The Company’s ESG initiatives are aimed at embracing the challenges relating to climate change, gender diversity, sustainable farming and education through development of sustainable projects that make a difference to communities.

E-mail media@marampamines.com or media@gerald.com for press enquiries.

About Gerald Group

Gerald Group aims to contribute to world trade and economic development in a sustainable and responsible manner. Founded in 1962 in the U.S. and headquartered in the U.K., the Group is the world’s oldest and largest independent and employee-owned metals trading house. Gerald is a dedicated and trusted partner to leading miners and processors, industrial consumers and major financial institutions and has market presence in all regions of the world. The Group operates trading hubs in Shanghai, Stamford and Switzerland for the merchanting of non-ferrous, ferrous and precious metals and related concentrates and raw materials. Gerald’s global footprint, expert market intelligence, experienced and innovative trading desks combined with logistics, storage and structured finance solutions to enhance the business’ capability to provide customers access to a diverse and steady supply of resources.


May 10, 2021
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FOR IMMEDIATE RELEASE – Freetown and London, 10 May 2021: Gerald Group (“Gerald”), the world’s largest independent, employee-owned metals trading house, is delighted to announce that the long-standing dispute between the Government of Sierra Leone (the “Government”) and SL Mining Limited (“SL Mining”) / Gerald Group (“Gerald / the Group”) has been amicably resolved in the best interests of the people of Sierra Leone, the Government and SL Mining/ Gerald Group. A binding agreement was signed by both parties on Friday, May 7, 2021.

In the spirit of the resolution, SL Mining / Gerald Group and the Government will withdraw their respective legal claims / allegations under both ICC and ICSID arbitrations, and both Gerald and the Government will provide full support to ensure a rapid commencement of mining operations.

The negotiated amicable out of court settlement entails broadly the following terms (amongst others):

  • All legal cases and /or allegations between the parties will be indefinitely withdrawn.
  • A new company (“NewCo”) will be formed wherein Gerald Group will own 90 percent interest and the Government will own a 10 percent non-dilutable interest.
  • NewCo will take over all assets and rights of SL Mining, which include Marampa North, Marampa South, and all property plant and equipment.
  • Gerald has committed to increase materially the production of Marampa.
  • NewCo to begin operations by 1st of June 2021.
  • Gerald will have the immediate right to ship the current stockpile, which is ~707k tons of iron ore.  Gerald will pay a fixed sum of USD 20 million in two instalments of USD 10 million prior to 31 December 2021.
  • Gerald / NewCo will negotiate during the course of May 2021 a new Mining Lease Agreement that will be a win-win for the Government and Gerald.

Mr. Craig Dean, Gerald Group’s Chairman and Chief Executive Officer, stated, “I am delighted that we have been able to resolve our differences and have a fresh start and new beginning with the Government of Sierra Leone. I would like to thank His Excellency, President Bio, for personally working with me and the team to resolve this long-standing situation in the best interests of the people of Sierra Leone, the Government and Gerald Group / SL Mining. We look forward to a positive long-term working relationship”.

We wish to use this opportunity to assure that SL Mining / Gerald will work with the Government so that SL Mining’s employees and service providers are not disadvantaged in conjunction with this change in operating status and Settlement Agreement.

Further details will be made available soon.

 

For further information, please visit www.gerald.com / slmining.com, or contact:  media@gerald.com  / media@slmining.sl

 

About SL Mining Limited

SL Mining is a wholly-owned subsidiary of Gerald International Limited, which is the holding company for all entities in Gerald Group. The Group is one of the world’s leading commodity groups, and the oldest and largest employee-owned metals 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 to steel miles in China in June and July 2019 from the Marampa Project.

About Gerald Group

Gerald Group aims to contribute to world trade and economic development in a sustainable and responsible manner. Founded in 1962 in the United States, the Group is the world’s oldest and largest independent and employee-owned metals trading house. Headquartered in London, the Group is led by Chairman and CEO Craig Dean. Gerald is a dedicated and trusted partner to leading miners and processors, industrial consumers and major financial institutions and has market presence in all regions of the world. The Group operates trading hubs in Shanghai, Stamford and Switzerland for the merchanting of non-ferrous, ferrous and precious metals and related concentrates and raw materials. Gerald’s global footprint, conservative risk management culture, expert market intelligence, deeply experienced and innovative trading desks combined with logistics, storage and structured finance solutions, are complimented by strategic relationships, enhancing the business’ capability to provide customers access to a diverse and steady supply of resources.


August 3, 2020
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3 August 2020 – Lunsar, Sierra Leone and London, UK: SL Mining Limited (“SL Mining” or the “Company”), a wholly owned subsidiary of Gerald International Limited (“Gerald”) headquartered in the UK, confirms that the employees reported on 16 May 2020 as having been arrested on 13 May 2020, and those arrested on 3 June and 28 June 2020, jailed and then bailed have all now been released without any charges being brought and the cases against them have been closed.

On 24 July 2020, the Government of Sierra Leone (the “Government”) closed the cases concerning the arrested SL Mining employees without any charges being brought. The bail conditions were removed, and SL Mining’s employees were permitted to return to the Marampa mine site.

SL Mining is grateful to the Government for taking these latest steps as the arrests and detention of SL Mining’s employees should never have happened and this is now recognised by the Government in closing the cases.

We note the recent changes taking place in Government and welcome this as a positive opportunity to work towards achieving a restart of exports and bringing our employees back to work.  SL Mining and Gerald remain fully committed to Marampa, the surrounding community, and Sierra Leone as a whole, and look forward to working to bring the Marampa mine back to production, which will create thousands of local jobs in the surrounding community.

For information visit: https://marampamines.com

Press enquiries: media@slmining.sl ; media@gerald.com


February 18, 2020
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18 February, 2020 –  Lunsar, Sierra Leone and London, UK: SL Mining Limited (“SL Mining” / “the Company”), a wholly owned subsidiary of Gerald International Limited, issues this press release in order to protect its legitimate interests and place third parties on notice.  This release relates to the ICC Arbitral Tribunal’s Peremptory Order dated 13 February 2020 and the binding restrictions placed by the Tribunal upon the Government of Sierra Leone (“Government”) in respect of SL Mining’s Marampa Project, assets, stockpiles and equipment.

SL Mining is pursuing legal action, including ICC Arbitration, against the Government of Sierra Leone as a result of the Government’s unlawful conduct and non-compliance with the binding decisions reached in international arbitration. In the Company’s Statement of 8 October 2019, SL Mining confirmed that the Government had, by letter received on 7 October 2019, purported to cancel SL Mining’s Large-Scale Mining Licence No ML 01/2017 relating to the Marampa Project. This purported cancellation was unlawful and invalid and was contrary to the binding orders of the ICC Emergency Arbitrator.

Following the purported cancellation of SL Mining’s Licence, the ICC Arbitral Tribunal issued an order on 25 November 2019, which the Company has described in a Statement dated 27 November 2019.  The Government failed to comply with that Order and instead aggravated the dispute with SL Mining. The Government’s non-compliance and aggravating misconduct has led the ICC Arbitral Tribunal to issue, at SL Mining’s request, a Peremptory Order on 13 February 2020 in which the Tribunal:

  1. Ordered the Government to rescind the purported cancellation of SL Mining’s Licence or otherwise to reinstate it.
  2. Declared that the Government failed to comply with the ICC Emergency Arbitrator’s orders dated 30 August 2019, 8 September 2018, 4 October 2019 and 9 October 2019.
  3. Declared that the Government failed to comply with the ICC Tribunal’s interim order dated 4 November 2019.
  4. Ordered that, until ordered otherwise and pending the final resolution of the dispute by the Tribunal:
    • The Government lifts any prohibition on shipping or export of minerals directed at SL Mining;
    • The parties continue to comply with their obligations under clause 6.9(d) of the Large Scale Licence Agreement between the Government of Sierra Leone and SL Mining Limited dated 5 December 2017;
    • The parties refrain from aggravating and take no steps to aggravate the dispute between them;
    • The Government shall refrain from:
      • 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;
      • directly or indirectly operating itself, or allowing third parties to operate, the Marampa Project;
      • 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
      • otherwise altering the status quo as of immediately before receipt of the letter purportedly cancelling the Licence.
    • Declared and ordered that the ICC Emergency Arbitrator’s orders continue in full force.
    • Ordered the Government to comply with the ICC Tribunal’s orders within 8 days of the Peremptory Order.

A peremptory order is a final order made by a tribunal specifying a time for compliance. It brings with it a number of adverse legal consequences for the Government.  The ICC Tribunal also found that “pursuant to the arbitration agreement between the Parties, as ratified by Parliament, “any decision” of this Tribunal “is final and binding and enforceable” and has “the same force and effect as a judgment of a court of the last resort of the Republic of Sierra Leone or any other appropriate jurisdiction.” SL Mining will not hesitate to take legal action against third parties who infringe its rights in relation to the Marampa Project.

SL Mining is a wholly-owned subsidiary of Gerald International Limited, which is the holding company for all entities in Gerald Group. The Group is one of the world’s leading commodity groups, and the oldest and largest employee-owned metals 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 to steel mills in China in June and July 2019 from the Marampa Project.

For information visit: https://marampamines.com

Press enquiries:

SL Mining: media@slmining.sl

Gerald Group: media@gerald.com


November 27, 2019
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27 November, 2019 –  Lunsar, Sierra Leone and London, UK: SL Mining Limited (“SL Mining” / “the Company”), a wholly owned subsidiary of Gerald International Limited, today confirmed that in order to protect its legitimate interests, the Company has issued this press release relating to the ICC Arbitral Tribunal’s Order on Interim Measures dated 25 November 2019 and the restrictions placed upon the Government of Sierra Leone (“Government”) in respect of SL Mining’s Marampa Project, assets, stockpiles and equipment.

SL Mining is pursuing legal action against the Government of Sierra Leone, in connection with the Government’s unlawful conduct and non-compliance with the binding decisions reached in international arbitration. In the Company’s Statement of 8 October 2019, SL Mining confirmed that the Government had, by letter received on 7 October 2019, purported to cancel SL Mining’s Large-Scale Mining Licence No ML 01/2017 relating to the Marampa Project. This purported cancellation was unlawful and invalid and was contrary to the binding orders of the ICC Emergency Arbitrator.

Following the purported cancellation of SL Mining’s Licence, the ICC Arbitral Tribunal issued an Order on Interim Measures on 25 November 2019 in which it:

  1. Ordered the Government to rescind the purported cancellation of SL Mining’s Licence or otherwise to reinstate it.
  2. Ordered that until the final resolution of the dispute by the Tribunal:
    1. The Government lift any prohibition on shipping or export of minerals directed at SL Mining;
    2. The parties continue to comply with their obligations under clause 6.9(d) of the Large Scale Licence Agreement between the Government of Sierra Leone and SL Mining Limited dated 5 December 2017;
    3. The parties refrain from aggravating and take no steps to aggravate the dispute between them;
    4. The Government shall refrain from:
      • 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;
      • directly or indirectly operating itself, or allowing third parties to operate, the Marampa Project;
      • 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
      • otherwise altering the status quo as of immediately before receipt of the letter purportedly cancelling the Licence.
  3. Ordered that the ICC Emergency Arbitrator’s orders continue in full force.

SL Mining will not hesitate to take legal action against third parties who infringe its rights in relation to the Marampa Project.

SL Mining is a wholly-owned subsidiary of Gerald International Limited, which is the holding company for all entities in 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 to steel mills in China in June and July this year from the Marampa Project.

For information visit: https://marampamines.com/

Press enquiries: media@slmining.com

Gerald Group: media@gerald.com  

About SL Mining

Located in the Port Loko District, the northern province of Sierra Leone, SL Mining is engaged in the exploration, development and production of ‘Marampa Blue’, a high-grade iron ore concentrate with >65 percent Fe content. SL Mining was awarded a renewable Large-Scale Mining License granted under the Mines and Minerals Act, 2009 In March 2017 for a term of 25 years, emphasizing the strong support for the Marampa project locally, and reflecting its significant importance to the national economy. Together with Gerald Group’s international expertise in metals, finance, strategic investments and experienced management teams and employees, SL Mining aims to build a resilient and long-life iron ore mine in Sierra Leone and to expand operations by integrating mining, processing and rail and port logistics, alongside playing a responsible role in the economic and social stability of the Lunsar region.


October 11, 2019
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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.

For information visit: https://marampamines.com

Press enquiries:

SL Mining: media@slmining.sl

Gerald Group: media@gerald.com  


October 8, 2019
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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  


May 27, 2019
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SL Mining supports local education in Lunsar with new school supplies

Lunsar, Sierra Leone: 27 May 2019: A thousand children in Port Loko District received school supplies from SL Mining, currently Sierra Leone’s only operating mine and one of Africa’s highest quality iron ore producers. During the month of May, each young student was given a school kit that included a school bag; books, pens, pencils, erasers, and a mathematical set. The beneficiaries of the donation are from Marampa and Maforki Chiefdoms. This donation from SL Mining was made to support the Free Quality Education Program launched in Sierra Leone last year by President Maada Bio.

Dr. Kamarah, Director of Community Relations at SL Mining stated that the Country’s only operational iron ore producer is committed to community development. “SL Mining is sensitive and responsive to the demands and desires of the people in its operational areas,” said Dr. Kamarah.

Abdul Karim Kamara, Member of Parliament, Constituency 069, gave the vote of thanks. He remarked that SL Mining had exceeded his expectations. “If SL Mining has yet to begin exporting and they are already giving back to the community, then the future of our communities looks bright as it demonstrates the commitment of SL Mining to local community development.” said Hon. Karim Kamara. Paramount Chief Koblo Queen II, who witnessed the occasion of the SL Mining school supplies donation said that his chiefdom was now at the threshold of development. He urged parents to support their children’s educational journey.

Mrs. S. Dumbuya, Deputy Head Teacher SLC Primary School, Gbere Junction, in her statement thanked SL Mining on behalf of the parents, pupils, and teachers of the community for the donation. She said that the bags, books, pens and other materials will be used by the children for their intended purpose. She further asked the company to continue its community support especially in the area of education.

About SL Mining:
SL Mining Limited is a wholly owned subsidiary of Gerald Group engaged in the exploration, development, and production of iron ore concentrate at Marampa in the Port Loko District, Northern Province, Sierra Leone. SL Mining takes pride in playing a growing and active role in regenerating the communities in the Lunsar have. Investments in the iron mine have led to significant job creation in Sierra Leone, direct socio-economic benefits to surrounding communities, and additional revenues to the country.
For more information: slmining.com


February 12, 2019
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SL Mining in Sierra Leone, ‘right signal’ for foreign direct investment in Sierra Leone – World Bank and IFC

– SL Mining successfully completes first investment phase

– Donates 100 tons of rice to communities surrounding the Marampa mine

London, February 12, 2019: Gerald Group is pleased to announce SL Mining Ltd, a wholly owned subsidiary, has started commissioning at the Marampa mine in Lunsar, following completion of Phase-I of an investment program designed to rehabilitate and reconfigure the operations. With construction completed ahead of schedule in 4.5 months, SL Mining is now ramping up production of “Marampa Blue”, a high-grade iron ore with over 65% Fe concentrate, one of the highest grades in the world, and a first by any mining company in Sierra Leone.

A high-level delegation from the International Finance Corporation (IFC) and the World Bank visited the Marampa site on 7 February 2019, to see how the mine has been brought back to life after nearly four years and after global iron ore prices collapsed in 2014. Gayle Martin, Sierra Leone Country Manager, World Bank, and Frank Ajilore, IFC Country Representative in Sierra Leone, led the Group’s delegation to SL Mining. Ms. Martin said that the visit to SL Mining was to gain insights on private sector challenges in the mining sector. Mining accounts for 77% of exports from Sierra Leone. “Our position is that private sector development is the engine for economic growth,” said Ms. Martin.

Gerald’s commitment to spend approximately US $300 million during Phases-I and -II, is aimed at bringing the project into production with a sustained output of 2 million tonnes per annum (mpta) in Phase-I, growing to 6 million tonnes per annum in Phase-II. From fewer than 70 employees in 2018, SL Mining currently employs over 650 workers to meet the growing demand of the operations and expects headcount to reach 1,000 in the next few months, and to over 1,800 once mining operations enter into the second phase. The project estimates resources at about one billion tonnes of iron ore grading 32% Fe, with potential to expand the resource, for production over the next 30 years.

Craig Dean, Chairman, SL Mining and Chairman and CEO, Gerald Group said, “We are very excited to deliver the Marampa restart ahead of schedule and on budget. SL Mining has already demonstrated the investment has led to significant job creation in Sierra Leone and has generated other direct benefits to surrounding communities. We would like to thank the Government of Sierra Leone, the local communities, the World Bank and International Finance Corporation for their continued support of Marampa. Once SL Mining is optimized for Phase-II, our goal is to make Sierra Leone’s “Marampa Blue”, an internationally recognized premium iron ore brand,” Mr. Dean added.

SL Mining also completed an initiative to donate almost 100 tons of rice to communities surrounding the Marampa mine, in support of the socio-economic welfare of families in the Lunsar region, where SL Mining runs the Country’s only operating iron-ore mine. The public rice distribution began on 23rd

January at the Lunsar Community Centre and a 25 kg bag of white rice was donated to every registered household in Lunsar and the surrounding villages within the SL Mining concession. Hundreds of residents jubilantly described the initiative as “the most generous charity in the history of mining operations at Marampa”. Member of Parliament for Constituency 70, Hon Abdul Karim Koroma recounted that “such donations were unprecedented in the history of the Marampa mines”.

Paramount Chief Alie Koblo Queen II, the traditional head of the people of Marampa who was also present at SL Mining on the 7th of February, said that SL Mining had brought much-needed investment into his community. “The opening of SL Mining has and will continue to have a positive transformative impact on this chiefdom,” said PC Koblo Queen II. “Just last month 5,000 families received bags of rice from SL Mining. That is the largest ever donation of its kind made to our people,” the Paramount Chief commented.

“SL Mining is a good economic development that should receive maximum support,” said Mr. Ajilore, IFC Sierra Leone, adding, “It sends the right signal to foreign direct investors that it is back to business in Sierra Leone.” SL Mining needs a supportive business environment to meet its objectives, including access to the African Rail and Port Services (ARPS) on commercially viable terms. With over 1 billion tonnes of iron ore reserves, SL Mining can significantly expand the export of Marampa Blue from Sierra Leone to the global market.

About SL Mining
SL Mining, a limited liability company incorporated in Sierra Leone, is a wholly owned subsidiary of Gerald Group engaged in the exploration, development and production of iron ore concentrate at Marampa in the Port Loko District, the northern province of Sierra Leone. In March 2017, Gerald Group was awarded a renewable cale Mining License granted under the Mines and Minerals Act, 2009, for a term of 25 years and the National Parliament of Sierra Leone unanimously ratified SL Mining’s Mining Licence Agreement, emphasising the strong support for the Marampa project locally, and reflecting its significant importance to the national economy.

According to the Government of Sierra Leone’s budget and statement of Economic and Financial Policies for the Financial Year, 2019, Theme: “Fiscal Consolidation for Human Capital Development”, Mr Jacob Jsus Saffa, Minister of Finance, stated: “The medium-term prospects of the economy is bright. Total real GDP is projected to grow by 5.4 percent in 2019 and 2020 and further by 5.1 percent in 2021. Excluding iron ore, the economy is projected to expand by 5.1 percent in 2019 and further by 4.9 percent in 2020 and 2021. The positive and steady economic growth will come from the following sources: (i) the expected resumption of iron ore mining at the Marampa Mines in 2019 and at the Tonkolili Mines in 2021 as well as expected increased investments in diamond, rutile and gold mining activities. (ii)…”

About Gerald Group
Gerald Group is one of the world’s largest independent and employee-owned metal trading houses. Founded in 1962 in the United States, Gerald moved headquarters to London in 2017. Led by Chairman and CEO Craig Dean, the Group has approximately US$10 billion in turnover. Gerald is a dedicated and trusted partner to leading miners and processors, industrial consumers and major financial institutions and has market presence in all regions of the world. The Group operates trading hubs in Shanghai, Stamford and Switzerland for the merchanting of non-ferrous, ferrous and precious metals, as well as related concentrates and raw materials. Gerald aims to contribute to world trade and economic development in a sustainable and responsible manner. The Group’s global footprint, conservative risk management culture, expert market intelligence, deeply experienced and innovative trading desks combined with logistics, storage and structured finance solutions, are complimented by strategic relationships, enhancing the business’ capability to provide customers access to a diverse and steady supply of resources.

Media enquiries: media@slmining.sl or media@gerald.com or for more information visit: http://www.gerald.com