Press Releases

April 4, 2024
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Statement on behalf of the Chairman(Craig Dean) about negative and false press reports following the on-market takeover bid for Sierra Rutile

Freetown, Sierra Leone: 4April 2024:Over the past few weeks there have been various negative articles printed in the local Sierra Leonean press, negative commentary circulated on social media and negative statements and accusations in regard to Craig Dean, Chairman & CEO of Marampa Mines Limited and entities he controls.  All such negativity began around the same time that Mr. Dean made the on-market takeover bid for Sierra Rutile (SRX) on 20 March 2024, which we believe is not a coincidence. We believe that such negativity, unfounded claims, and other defamatory statements can only stem from another party who believes that such actions may deter Mr. Dean from completing the public process or convince the SRX Board of Directors (BoD) and other shareholders of SRX that Mr. Dean is NOT welcome in SRX, or even to convince regulators or others that Mr. Dean should not be allowed to complete his on-market takeover bid which generally should expire on 5 May 2024.

In addition, Mr. Dean issued a form 249D which called for removal of all the non-executive members of the SRX BoD.  There has been significant misunderstanding surrounding Mr. Dean’s intent of his on-market takeover bid as well as the issuance of the 249D.

The intent of Mr. Dean is nothing more than standard market practice that is a public and well governed and regulated process by the Australian Securities and Investments Commission (ASIC).  He believes SRX has significant future potential but only if the following few things happen as noted below:

A Refresh of the Board of Directors (BoD) – The BoD of SRX should possess people who are not afraid to travel and spend time in Sierra Leone.  This would allow the directors to make more informed decisions and clearly understand the consequences of their actions.  Currently the entire BoD is solely relying on the CEO who is one board member, while we understand the other 5 board members have either never travelled to Sierra Leone or would argue they know Sierra Leone from visiting once every few years. Sierra Leone is a great place to invest as there is unlimited potential but does requires hands on involvement and understanding.

Shareholders who are willing to inject substantial capital– Mr. Dean understands that SRX requires substantial capital and has struggled to raise such capital for many years, even when Iluka was the major shareholder.  As the public and all shareholders know Iluka walked away from the project via its demerger as in Mr. Dean’s view that they struggled to achieve the risk / reward balance as the amount of funding was too great for the expected return of their shareholders.  We understand that all major shareholders of Iluka who received SRX shares, have since exited.   Their actions are a testament to how the public market actually values SRX, without the proper leadership, funding, and ability to operate locally.There is a current belief that without shareholders prepared to inject funds, SRX’s future could be very limited.

Proper dialogueand resolution with the GoSL – Mr. Dean does not understand why SRX is shut down and believes that if he becomes the largest stakeholder in SRX that his group could play a vital role in stabilising the situation.  Although it is clear that the Company is likely trying to find a solution with the GoSL, any solution can only be temporary as (based on the information published by SRX)  Area 1 has a finite life and without SRX having the ability to fund Sembehun, conflict will continue as the GoSL wants a company sponsor who can create future revenues for the next decades to come.  SRX to date does not have a clear strategy to fund and build out Sembehun.  SRX appears to want to cut costs only by restructuring long serving staff, not contractors, so that the BoD and other executives retain salary for the next few years at the expense of “silent” shareholders.  Mr. Dean believes the mining sector in Sierra Leone can be a great sector to invest with the right leadership and commitment in country.

Mr. Dean believes that SRX can be an interesting asset, but purely for the long-term investor as it will take significant capital investment and years to reap a material benefit. If the on-market takeover bid is not successful,  SRX will be in the hands of the other shareholders and current BoD as Mr. Dean does not have the intent to continue to support SRX in any material way unless he has a material stake in the Group.  His offer as high-lighted in the bid documents represents a material premium to where the market was trading over the months prior and it makes sense for all short-term investors, speculators, and other looking for a quick return to accept.  The alternative may be much worse from an exit perspective.

Lastly there were a few direct questions from journalists that we have answered below:

  • Has the Gerald Group provided any financial benefit to media outlets in Sierra Leone or elsewhere for media coverage?
    No, the Gerald Group has not and does not engage in such activities.
  • Do you have any comment to make about Craig Dean being subject of a joint or any investigation by the Financial Intelligence Unit and the Anti-Corruption Commission in Sierra Leone?
    We are not aware of any such investigations and the Gerald Group is in strict compliance with UK Anti Bribery Act and the US Foreign Corrupt Practices Act (FCPA)

Enquiries: media@marampamines.com / media@gerald.com or visit https://marampamines.com/press-releases/

Marampa Mines Limited  

Marampa Mines Limited, a subsidiary of Gerald Group, is engaged in the development, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company is committed to being a resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop the production of >65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa BlueTM and to adopt a low-carbon energy mix at its operations. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.


October 8, 2023
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Marampa Mines Limited -proud to champion Sierra Leone Diaspora Investment Conference in North America

6 October, 2023: Marampa Mines Limited (MML) is delighted to support the Sierra Leone Diaspora Investment Conference  to be held near Washington D.C. on 7 October, 2023, where over 200 members of the Sierra Leonean-American diaspora community including  leaders, policy makers, and investors will gather for Sierra Leone’s largest business gathering in North America. During the conference, MML will share invaluable insights on how the diaspora can play a pivotal role in bridging the human capital gap and supporting the growth of small and medium enterprises through direct investment.

“Marampa Mines Limited is a cornerstone company in Sierra Leone, and we firmly believe that our success is intertwined with the success of Sierra Leone as a whole. We urge the diaspora to shift focus away from the challenges we face and redirect it towards the abundant opportunities within our company, sector and the broader impact our success is having on Sierra Leone’s future. Diaspora investment can further bolster our growth, help us bridge the skills and gender gap in the workplace, achieve our local content goals, and support businesses and services that complement our own,” said Abdul Koroma, Senior Corporate Executive and Vice President at Marampa Mines.

“We have been delighted to receive invaluable support from Marampa Mines Limited as headline sponsor of the Sierra Leone Diaspora Investment Conference, aimed at fostering U.S.-Sierra Leone trade relations and driving economic growth through direct and indirect foreign investment in the country,” said Vickie Remoe, founder of Make Sierra Leone Famous, the DMV-based firm hosting the summit. “As the largest U.S. investor and employer in Sierra Leone, MML is a shining example of commitment to the country’s long-term economic development and prosperity. MML is also making notable strides in furthering the advancement of Sierra Leonean women in its 2,500-strong workforce and has forged a formidable partnership with the local community, built on mutual respect and co-operation,” added Ms. Remoe.

MML’s trademarked high-grade iron ore product, MarampaBlueTM, aims to position Sierra Leone in the international iron ore market by enabling a ‘greener’ steel for a cleaner environment through the lower carbon content of iron ore, a key feedstock in the manufacture of steel. In April 2023, MML made a record payment of US$ 1.7 million to the Community Development Fund for the Marampa and Maforki chiefdoms in the Port Loko district where Marampa Mines is located, based on its Community Development Agreement to support local development initiatives. This maiden payment was the largest single donation from any mining company in Sierra Leone ‘s history, aimed at inspiring positive change and creating more vibrant and sustainable communities.

 

Marampa Mines Limited  

Marampa Mines Limited, a subsidiary of Gerald Group, is engaged in the development, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company is committed to being a resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop the production of >65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa BlueTM and to adopt a low-carbon energy mix at its operations. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.


May 23, 2023
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Marampa Mines Limited New ‘M3.75’ plant and machinery, the largest single import of mining equipment into Sierra Leone, arrives at Freetown Port and is successfully transported to site.

 

Freetown and Lunsar, Sierra Leone: 22 May 2023: Marampa Mines Limited (“MML”), Sierra Leone’s largest operating iron ore mine, is proud to announce the arrival of our new ‘M3.75’ equipment at the Port of Freetown last week, the largest single import of mining equipment into Sierra Leone. Following a complex logistics operation and the transport of the equipment to the mine site near Lunsar, in the Port Loko district, MML expects the equipment to be operational in the coming weeks and to bring greater efficiency to our operations, increased production capacity as well as product quality and consistency in the coming year. The equipment includes a SAG Mill, a core mechanical unit within the project’s expansion that required unique handling on the highway and through toll gates between Freetown and the mine site, weighs approximately 900 tonnes when fully assembled.

The M3.75 equipment has been specifically designed to meet the growing demands of the global market for high-grade iron ore, a key feedstock for cleaner and less carbon-intensive steel production. Craig Dean, CEO of Gerald Group and Marampa Mines Limited said: “We are excited to introduce our new M3.75 equipment into our mining process. We are confident that the new equipment for our expansion to 3.75 Mtpa will allow us to be more competitive and to provide our customers with the highest quality iron ore. We are committed to investing in new technology and equipment to ensure that we remain at the forefront of our industry, and this set of machinery is a key part of that strategy.”

An estimated investment of US$150 million to further expand capacity from 3.25 Mtpa to M3.75 Mtpa is being funded by Gerald Group, which demonstrates our strong commitment to the project and country and is in line with our goal to optimise production and to build a resilient, sustainable and safe project at Marampa.

The new equipment includes a Gyratory Crusher, Re-grind Mill, Sag Mill, as well as two large 60T and 300T Cranes. After the Crusher, the SAG Mill will grind the iron ore before beneficiation into high-grade Marampa BlueTM. Early construction work for the M3.75 expansion started in September 2022 and has created new and permanent job opportunities for local employees.

For further information, please visit www.marampamines.com.

 

Marampa Mines Limited  

Marampa Mines Limited, a subsidiary of Gerald Group, is engaged in the development, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company is committed to being a resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop the production of >65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa BlueTM and to adopt a low-carbon energy mix at its operations. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.


April 28, 2023
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Marampa Mines Limited to officially launch its Community Development Fund to support development initiatives for the mine’s primary host communities of Marampa and Maforki chiefdoms

Freetown and Lunsar, Port Loko District, Sierra Leone: 28 April 2023: Marampa Mines Limited (“MML”) will tomorrow launch its Community Development Fund (CDF) pursuant to its Community Development Agreement ( CDA) as required by the Mines and Minerals act, to support local development initiatives in our primary host communities of Marampa and Maforki Chiefdom.

The CDF represents Marampa Mines Limited commitment in its MLA (Mining Lease Agreement) to give 1% of its Free-on-Board revenue generated to its primary host communities for eligible development projects, including but not limited to, education, health, environment, and economic development.

The CDF is a testament to the commitment of Marampa Mines Limited to support the growth and development of the communities around our mining operations.  We hope our CDF, the largest single donation from any mining company in Sierra Leone’s history, inspires positive change and creates more vibrant and sustainable communities.

“We are excited and thrilled to officially launch this Fund after our first full year of production of high-grade iron ore concentrate, Marampa BlueTM, to support the growth and development of our community,” said Craig Dean, CEO of MML. “We believe that empowering our communities through investing in local initiatives, can help create a brighter future for everyone living in our concession area” he added.

The CDF will be administered by the Community Development Committee (CDC), which includes representatives from various groups in the Maforki and Marampa Chiefdom, and the CDC and its Steering Committee has autonomy on project decisions. They decide on what projects to undertake or not. MML sits on the Steering Committee of the CDC and will support and recommend that projects undertaken by the CDC have a clear impact on the community, a sustainable plan for long-term success, and promote collaboration and partnership among stakeholders.

The main aim for the CDF is to aid local initiatives and projects that aim to improve the quality of life for residents of the communities around our mining concession who play host to us.

 

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, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko 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 resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop its production of 65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa BlueTM and adopt a low-carbon energy mix. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.


March 11, 2023
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Marampa Mines Limited issues statement following recent inaccurate reporting in local media

Lunsar, 11 March 2023: Further to a statement made by Marampa Mines Limited (MML) last year, we would like to again offer our deepest sympathies and condolences to the families of the three deceased men who tragically lost their lives in the lake within MML’s mining concession last October.

Since there is an ongoing investigation, MML cannot comment on the matter, except that the statements in the recent Sierra Leone press and social media are unsubstantiated and nothing further from the truth.

MML continues to cooperate fully with the investigation.

MML is categorically opposed to any form of abuse, harassment or discrimination on the basis of race, gender, ethnicity, religion, economic status or other.

Media enquiries: media@marampamines.com


May 5, 2022
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Lunsar, 5 May 2022: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”), a subsidiary of Gerald Group (“Gerald”), in Lunsar in the Port Loko district, today hosted the Government of Sierra Leone (“GoSL”) and other dignitaries at the Marampa mine site where His Excellency, Brigadier Rtd. Julius Maada Bio, President of the Republic of Sierra Leone commissioned a 3.25 million dry metric tonnes per annum (Mdtpa) output iron ore concentrate expansion project. President Bio met with the principals of Gerald, management of Gerald and MML, staff and stakeholders and toured MML’s mining areas and processing plant.

When restarting production at the Marampa mine on 1 September 2021, MML immediately set to work on construction of the expansion of the project from 2.0 (M2.0 phase) Mdtpa to 3.25 Mdtpa (M3.25 phase) of >65% Fe iron ore concentrate branded Marampa BlueTM. Construction of M3.25 completed in March and with the expansion and ramp up, the total number of direct and indirect employees on site increased to over 2,000 by the end of March 2022.

In his keynote statement, HE President Bio, said: “I am pleased to have commissioned the M3.25 expansion at Marampa Mines today. As a country, we have had to manage the Covid-19 pandemic, which has impacted global economies and supply chains. But with the Marampa mine back in full scale operations, exports of high value products such as Marampa BlueTM iron ore concentrate from Sierra Leone will increase year on year and deliver a long-awaited boost to the economic growth and stability of our country. I share my sense of hope and confidence with all of you for the continued success of the Marampa mines and for new inward investment in our natural resources sectors across Sierra Leone.

Craig Dean, Chairman and CEO, Gerald Group and Marampa Mines Limited said: “I would like to thank His Excellency President Bio, the Government and our stakeholders for their strong confidence and support in Marampa Mines Limited over the past year, as well as our management and staff who are deeply committed to the expansion program underway. Our shared vision is to optimise the beneficiation of up to ~1.7 billion tonnes of compliant resources in the new Marampa, which combines Marampa North and South concessions, bringing additional revenues to the GoSL and creating opportunities by developing a sustainable and resilient mining operation so Sierra Leoneans significantly benefit from MML’s growth and success.”

Keynote statements were also made by Mr Timothy Musa Kabba – Hon. Minister of Mines and Mineral Resources, Mr. Alpha Kanu – Hon. Resident Minister of the North-western Region, Queen Kabia II – Paramount Chief of Marampa Chiefdom and Elaine French, Chargé d’affairs, U.S. Embassy, Freetown.

In the Company’s presentation, Frederic Lotti, MML’s Chief Operating Officer explained: “The M3.25 expansion mainly includes the addition of a new feed point and a new product line to accommodate the additional feed and product volume, as well as the addition of new set of spiral blocks to increase processing capacity, and an expansion of the mining fleet with large 90MT capacity excavators to increase mine volume rate.”  Mr. Lotti also presented MML’s expansion plan for 7 Mdtpa output, more than doubling current plant nameplate capacity.

The high Fe content in the Marampa BlueTM product helps to achieve a lower carbon footprint for MML’s customers (in the steelmaking process) and in the supply chain (route to market), allowing MML to play a role in the world’s energy transition process. MML’s Environmental, Social and Governance (ESG) initiatives are aimed at embracing the challenges relating to climate change, women in the workforce (currently women make up ~17% of MML’s direct employees), farming and education through development of sustainable projects that make a meaningful difference in our host communities.

MML is working in parallel on the modernisation and digital transformation of our equipment monitoring, supply chain and finance management systems. Implementation of these systems will result in paperless processes and the utilisation of online tools and mobile devices by our staff performing these functions. Instrumentation will implement big data collection capability to allow Operation and Maintenance teams to monitor the performance and health of equipment remotely and in a far more efficient way.

 

Gerald Group plans to further expand MML’s output to 7 Mdtpa (M7) within the next year, bringing material capital investment to the country. As part of the expansion process, options to access additional power and renewable or lower carbon intensive sources of energy is under consideration. Discussion for operational access to Pepel’s rail and port facilities are underway and will contribute significantly to MML’s streamlining of export operations and reduction in carbon footprint, key components to ensure the future competitiveness and sustainability of the mining operations.

Media enquiries: media@marampamines.com / media@gerald.com or view https://marampamines.com

Tel: +44 (0) 7507 583 792.

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.


February 5, 2022
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Marampa Mines Limited hosts Government of Sierra Leone delegation

at the mine following restart of operations

Lunsar, 4 February 2022: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”), a subsidiary of Gerald Group (“Gerald”),  yesterday hosted the Government of Sierra Leone (“GoSL”) at the Marampa mine site for an extensive tour and company presentation. Leading the GoSL delegation were Mr. Dennis K. Vandi – Hon. Minister of Finance, Mr Timothy Musa Kabba – Hon. Minister of Mines and Mineral Resources, Mr. Alpha Kanu – Hon. Resident Minister of the North-Western Region and Mr Julius Mattai – Director General of the National Minerals Agency.

Hon. Minister Kabba commented after the visit: “Today was an opportunity to meet Gerald/MML’s senior management team and staff, and see first-hand their impressive turnaround in the mine’s operations and their expansion plan. We would like to see more companies like MML invest in our minerals sector and help make Sierra Leone one of the most attractive destinations for doing business in West Africa. The skills and experience that Sierra Leoneans will gain through employment and training at the mine will give them an important role to play in our country’s development and growth.”

The GoSL delegation visited the mine, processing plant and Thofeyim River port terminal (TRT), after MML presented plans for the Company’s upcoming development and expansion, emphasising the importance of access to the rail and port infrastructure. Other topics discussed were local content programmes, key environmental, social and governance (ESG) initiatives and operational updates. ESG initiatives discussed included MML’s large focus on lowering and offsetting its carbon footprint, training and development for women, medical outreach into communities targeting maternal and childcare, and agricultural development to minimise our imports and support sustainable livelihoods.

Hon. Minister Vandi added: “We were impressed to see that MML is building a sustainable and resilient project. Since the successful restart, Gerald is ramping up production of >65% iron ore concentrate from 2 million dmpta to 3.25 million dmpta. Looking ahead, we are pleased that Gerald is considering making further material investments of up to US$300 million in capital expenditure to fund the next stage of expansion to 7 million dmtpa, which upon completion will create additional revenues for Sierra Leone and its people”.

Craig Dean, Executive Chairman and CEO, Gerald Group, commented: “We take this opportunity to restate our appreciation for the strong support received from His Excellency President Bio’s government, during the negotiations and ratification of our Large-Scale Mining Agreement last December, and the restart of mining operations. I would like to reinforce that as our teams work on the many important priorities and objectives to create a sustainable and resilient mining operation, Sierra Leoneans will significantly benefit from MML’s growth and success.”

 

MML has completed loading 1 million WMT of Marampa BlueTM >65% Fe iron ore concentrate onto 9 Ocean Going Vessels (OGVs). OGV 7 carrying 203,000 WMT of iron ore concentrate sailed in December and was a Newcastlemax (“M/V Trust Melbourne”), which is the largest dry bulk vessel to have departed from Sierra Leone.

 

Media enquiries: media@marampamines.com / media@gerald.com 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.


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.