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 – 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  

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  

SL Mining ships first iron ore delivery from Freetown Port in Sierra Leone Lunsar, Sierra Leone and London: SL Mining Limited (“SL Mining”, “the Company”), a wholly owned subsidiary of Gerald Group, is very pleased to announce that the first shipment of iron ore concentrate, branded ‘Marampa Blue’ set sail on MV Cooper from Freetown Port (Queen Elizabeth
II), located in Sierra Leone. The loading of over 55,000 tonnes of high grade >65 percent iron ore concentrate was completed on June 16, 2019, sailing the same day. This maiden shipment will be delivered to customers in China, with a second shipment expected to leave soon on MV Ultralaz carrying approximately 62,000 tonnes of iron ore concentrate.

Sierra Leone’s Minister of Mines and Minerals, Rado Yokie said that iron ore exports had been dormant for four years: “Today is a historic day,” said Mr. Yokie. “As Marampa Blue is a very highgrade ore, and coming from Sierra Leone, it sends a good signal to the world that this Country is ready for business. It is a feather to Sierra Leone’s mining cap,” he added.

Craig Dean, Chairman of Gerald Group and SL Mining said: “SL Mining’s first shipment departed from Freetown Port safe and sound. This is a proud day and a key milestone for SL Mining, and for our employees and contractors who have been working on this complex project to restore production of iron ore at the Marampa mine, alongside local communities and the Government of Sierra Leone. I would like to thank everyone involved.”

“SL Mining forms an important strategic asset in Gerald Group’s global portfolio. Our goal is to make ‘Marampa Blue’ an internationally recognised premium grade iron ore brand. As we continue to build on our progress so far, to deliver sustainable and responsible mining in Marampa, we intend to expand the delivery of high-grade >65 percent iron ore concentrate to markets in Europe and Africa,” Mr. Dean added.

Located in the Port Loko District, in 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.

For more information please visit SL Mining or Gerald Group or contact:
SL Mining: + 232 79 11 11 11 / ajano@slmining.com
Gerald Group: +44 203 805 2000 / media@gerald.com

About Gerald Group

Gerald Group is one of the world’s oldest and largest independent and employee-owned metal trading houses. Founded in 1962 in the United States, Gerald is headquartered in London. 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.

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

Sierra Leone, 20 March 2019: SL Mining Limited, 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 of Sierra Leone is pleased to announce the appointment of Dr. Sheikh Umarr Kamarah, a Sierra Leone native, as Community Relations and Development Director. Professor Sheikh has agreed to bring his extensive public service experience to this role, which coupled with his knowledge of Sierra Leone, best positions SL Mining to develop projects that will be in the best interest of all stakeholders.

As part of SL Mining’s project to produce high quality iron ore concentrate, branded “Marampa Blue”, the Company is committed to developing a growing and active role in regenerating the local community in the Lunsar region. Professor Sheikh’s contribution will enable SL Mining to enhance its commitment to building strong ties with our local communities and the wider stakeholders in the Lunsar region and in Sierra Leone, which will in turn contribute to long-term sustainable growth in the area of the iron ore mine.

The Company has already demonstrated that investment in the iron-ore mine has led to significant job creation in Sierra Leone, as well as other direct socio-economic benefits to surrounding communities and additional revenues to the Country. The Marampa mine is currently Sierra Leone’s only operating iron ore mine and SL Mining’s project, which is divided into two phases – Phase-I and Phase-II, will see an increase in the workforce to over 1,800. As production and employment at the mine grows, a key objective of SL Mining is the implementation of a world-class training program at the Marampa mine, with the goal to eventually have 95 per cent local personnel and indigenes of Port Loko and Lunsar.

Upon his appointment, Professor Sheikh commented, “I am here because of SL Mining’s vision with regards to the Lunsar community. It is a vision that seeks to build the human resource capacity at the Marampa mine, and a desire to leave indelible marks of sustainable development in the community that has attracted me to the Sierra Leone mining company, and I look forward to working on their behalf.”

Professor Sheikh was previously a Professor and Department Chair at Virginia State University in the United States and holds a PHD in linguistic from the University of Wisconsin-Madison. He is a native of Port Loko District where he has been leading and financing multidisciplinary community development projects, including construction and development of the University of Lunsar, expected to start operations towards the end of 2019. Professor Sheikh is a member of the Linguistic Society of America, The Linguistic Circle, the Creolistic Society, Association of Forensic Linguists and the African Literature Association.

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 Large-Scale 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 License Agreement on December 2017, emphasizing the strong support for the Marampa project locally, and reflecting its significant importance to the national economy.

About Gerald Group

Gerald Group is one of the world’s leading global commodity trading companies offering services as a reliable partner in trade, finance and investment across the global supply chain. Founded in 1962, the Group has helped shape the dynamic of the global non-ferrous and metals trade and has grown to establish trading and representative offices in 18 cities and a presence in forty countries in all regions of the world.

Gerald focuses primarily on the commerce of commodities. Our customers and partners and span the supply
chain from mines and producers to distributors and industrial end-users. As a merchant, we add value sourcing and marketing physical commodities across a global network. As a trader, we centralize and opportunistically manage the associated financial and logistical risks.

Our core merchant and trading functions are supplemented by strategic investments, joint ventures and structured financing solutions which offer access and opportunity to a diverse portfolio of industrial assets. Gerald Group is privately owned by its employees, led by Craig Dean, Executive Chairman and CEO of the Group and has approximately US$ 3 billion in assets and US$ 10 billion in turnover.

For more information visit: https://marampamines.com/ or e-mail: ajano@slmining.sl

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