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December 17, 2021
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Marampa Mines Limited is pleased to announce the ratification of its

Large Scale Mining Agreement by Sierra Leone’s Parliament and

the final payment of US$10 million to the Government of Sierra Leone

 

Freetown, 17 December 2021: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”), is pleased to announce the ratification of its new Large Scale Mining Licence Agreement (also known as Mining Licence Agreement or “MLA”) by the Sierra Leone Parliament on 16 December 2021. The MLA was put forward to Parliament by the Minister of Mines and Mineral Resources, Mr. Timothy Musa Kabba, on behalf of the Government of the Republic of Sierra Leone (“GoSL”) and was unanimously approved yesterday. MML has also paid a final installment of USD 10 million today, as part of a fixed sum of USD 20 million to the GoSL, pursuant to the binding Settlement Agreement.

Craig Dean, Executive Chairman and CEO, Gerald Group, commented: “I would like to thank His Excellency President Bio and his administration for their commitment over the past several months, as we look forward to a new era of partnership between Gerald / MML, the GoSL and all our stakeholders. Since we signed the Settlement Agreement earlier this year, Marampa Mines has successfully, 1) loaded and exported more than 700,000 tonnes of iron ore concentrate, beneficiated by SL Mining Limited 2) restarted production, processing and exports of Marampa BlueTM, our premium >65% Fe iron ore product, and 3) with the MLA coming into effect, MML will ramp up the Project, generating significant employment opportunities and other benefits for the country and our communities. As indicated previously, we are considering a significant expansion of the Marampa Project and related infrastructure, which will allow our iron ore asset to become a major contributor to economic growth and development in Sierra Leone.” The MLA’s ratification also sees the ICC and ICSID arbitration between the GoSL and Gerald International Limited/SL Mining Limited being withdrawn and discontinued.

The Honourable Minister of Mines and Minerals Resources, Mr. Kabba, said: “This could not have happened but for the astute leadership of His Excellency, the President, who graciously ended the matter and provided guidance and leadership for turning a new page of partnership, that is now based on trust and benefit for the people of Sierra Leone and Gerald group.”

The MLA granted to Marampa Mines is for an initial period of 25 years, renewable thereafter for 15 years. Under MML’s mining obligations, the Company will conduct operations to promote the growth of the economy, including integrating the mining operations with other sectors in the country and maximising local content and the supply chain within Sierra Leone. The GoSL undertakes to facilitate use of all existing rail and port infrastructure, while allowing the Company the right to build similar infrastructure for the expansion of the Project’s mining, logistics and export operations throughout the duration of the MLA. MML is also pleased to support the Lunsar community, and will make payments to a Community Development Fund, at a rate of 1% of the Free on Board revenue received by MML in accordance with the MLA.

MML started operations on 1 June 2021 following the Settlement Agreement with the GoSL on 7 May 2021. The number of jobs at the Marampa Project are expected to rise to 1,400 within weeks as the Company implements its development plan in a phased manner. MML is in the process of increasing production of iron ore concentrate from 2M dmtpa to 3.25M dmtpa, progressively generating vital revenues for the country and fulfilling other important commitments, as the Project expands.

Ends

 

Media enquiries: media@marampamines.com / media@gerald.com, Tel: +44(0)203 805 2000 or view https://marampamines.com

 

About Marampa Mines Limited                                                        

Marampa Mines Limited, a subsidiary of Gerald Group (“Gerald”), one of the world’s leading metals merchants, is engaged in the development and production of iron ore concentrate from compliant resources of approximately 1.7B tonnes at Marampa in the Port Look District of the northern province of Sierra Leone. The Company, 90% owned by the Gerald Group, with the remaining 10% owned by the Government of Sierra Leone, is committed to being a globally competitive, world-class iron ore concentrate producer. Through sustainable investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop its production of >65% Fe quality iron ore concentrate, which is among the highest and purest grades in Africa and globally, and branded Marampa BlueTM. The Company aims to be a significant contributor to Sierra Leone’s economy and to local communities. ESG initiatives are aimed at embracing the challenges relating to climate change, advancement of women, farming and education to build a better and sustainable future.


October 29, 2021
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  • Marampa Mines implements new logistics solution to enhance marine transportation efficiencies
  • USD 10 million paid to the Government of Sierra Leone on 29 October 2021, the first installment of a fixed sum of USD 20 million as the current “Stockpile” is monetised
  • Restarted production of premium grade >65% Fe content iron ore concentrate (“IOC”), one of the highest grades in Africa and among the cleanest grades globally
  • Plans to conduct technical studies in 2022 for optimising the production of premium grade iron ore, critical for carbon emissions reduction in the steelmaking process

Lunsar, Sierra Leone, 29 October, 2021: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”) a subsidiary of Gerald Group (“Gerald”), one of the world’s leading metals merchants, has completed loading of its first Capesize and set sail carrying over 175,000 WMT of premium grade iron ore concentrate. The Capesize, M.V. Athenian Phoenix, completed cargo loading and departed from Freetown Outer Anchorage yesterday evening the 28 October 2021.

Gerald has implemented a new logistics solution for marine transportation of material from MML’s own Thofeyim River Terminal to Freetown Port Harbour, by purchasing its own fleet of river coasters and a transhipper, thereby enhancing efficiencies in the export logistics process. This export solution does not rely on 3rd party contracted river barges or smaller geared Ocean-Going Vessels which are less efficient.  With the new logistics solution, Capesize vessels are able to be loaded efficiently at a deep-water anchorage at Freetown Harbour on a consistent and stable basis.

Frederic Lotti, Marampa Mines’ COO and the Group’s Global Head of Investments, said: “I am pleased that ‘Marampa BlueTM’ high grade iron ore concentrate routed through the Thofeyim River Terminal and the Loko river completed loading on a Capesize vessel for the very first time in the history of Marampa, and set sail on Thursday evening, the 28 October 2021. Loading capesize vessels will materially improve efficiencies in our overall supply chain, a key objective not only in reducing our operating cost, but also in advancing our ESG plan and minimising our carbon footprint”.

Timothy Musa Kabba, Minister of Mines and Mineral Resources in the Sierra Leone Government, added: “Sierra Leone’s economic growth is largely based on export earnings from natural resources, particularly from iron ore. My ministry continues to work on the development of the mines and mineral resources sector at a key time in Sierra Leone’s pathway to economic stability and recovery. The restart of Marampa Mines represents a crucial step forward in our new direction”.

With the export of the current Capesize, Marampa Mines is about two-thirds through exporting its initial “Stockpile” of ~707k tonnes of iron ore concentrate, beneficiated by SL Mining Limited and known as Marampa BlueTM, following an out of court settlement, which ended a long-standing dispute between the Government of Sierra Leone and SL Mining. As per the “Contract Regarding Sale of Iron Ore Stockpile” signed on 25 May 2021 pursuant to the binding settlement signed on 7 May 2021, the Company has paid USD 10 million to the Government on 29 October 2021, the first installment of a fixed sum of USD 20 million as the Stockpile is monetised, and the second installment of USD 10 million by 31 December 2021.

Marampa Mines successfully restarted mining and processing of Marampa BlueTM on 1 September 2021, and will raise production of >65% iron ore concentrate from 2M tonnes per year to 3.25M tonnes per year within 12 months. MML will concurrently look at options to implement major expansions to leverage on its compliant mineral resources of approximately 1.7B tonnes of ore. Today, MML employs around 800 people on-site, of which approximately 90% are Sierra Leoneans, and the Project is expected to create a total of 1,400 jobs by early 2022.  The Company is implementing a comprehensive modular training program for Sierra Leonean staff, including training women for the workforce and within the community.

Media enquiries:  E-mail media@marampamines.com or media@gerald.com, Tel: +44(0)203 805 2000 or view https://marampamines.com/gallery/.

 About Marampa Mines Limited

 Marampa Mines Limited a subsidiary of Gerald Group Limited, is engaged in the development and production of iron ore concentrate from estimated resources of approximately 1.7B tonnes at Marampa in the Port Look District of the northern province of Sierra Leone. The Company, 90% owned by the Gerald Group, with the remaining 10% owned by the Government of Sierra Leone, is committed to being a globally competitive, world-class iron ore concentrate producer. Through sustainable investment, expertise and long-term commitment to the Marampa Project, MML aims to materially increase production of >65% Fe quality iron ore concentrate branded Marampa BlueTM, among the highest quality in Africa and one of the cleanest grades globally. The Company aims to be a significant contributor to Sierra Leone’s economy and local communities. ESG initiatives are aimed at embracing the challenges relating to climate change, women advancement, farming and education to build a better and sustainable future where the Company operates.


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