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NEWS : Local News  

Sierra Leone News : Addax Bioenergy Faces Financial, Other Challenges
By Awareness Times
Jul 7, 2015, 17:08
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Information from Addax Bioenergy operations in Sierra Leone is that the investment might soon follow in the steps of London Mining and African Minerals unless a planned review provides a solution. According to a statement the company posts on its website, Addax Bioenergy SA and its main shareholders have decided to “downscale their sugarcane bioethanol operation in Makeni and to conduct a review of all options for the future”.


The statement dated June 24th 2015 says since start of the business, it has suffered “a number of unforeseeable events” which it explains “have had a significant impact on the timeframe, costs and revenues initially planned”.


Addax lists the Ebola outbreak in May 2014 as the primary reason for the impending doom that might not be averted. It says Ebola “not only has had a terrible human toll on the country, but has also led to substantial delays as most of Addax contractors declared “force majeure” and left the site”.

 

However, Addax says it intends to “work closely with H.E. President of Sierra Leone and his government to find the right way forward for the operation and for the country”. It says foreign consultant staff will be laid off but “most local employees will be maintained and assets kept in good working order” whilst it explores all options for the future of Addax.

 

The management is reportedly appealing to locals of the chiefdoms and villages where it operates to ensure vandalism and theft does not hamper the assets during the review which is expected to last throughout the rainy season for at least the next six months.

 

Meanwhile, an energy boost to national grid which Addax had boasted should serve upto 20% of energy needs of the country has been a mere mirage.

 

However, in face of all the economic downturns and closing down of billion dollar investments, the Ernest Koroma government continues to serve citizens of Sierra Leone quite stoically.

 

This month of July, a 15% increase in salaries of all government workers will be implemented. Free school fees and exam fees for all pupils enrolled in government schools are now fully in place serving over one million pupils and yesterday one hundred brand new buses have landed into the country alongside with enough spare parts.

 

The free health care for pregnant women, lactating mothers and children under 5 years is ongoing whilst massive nationwide roads construction of a kind never before seen, is continuing.

 

Observers tell this press that initiatives of President Koroma’s government in face of the economic downturn caused by Ebola virus, is “highly impressive”.


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