From Awareness Times Newspaper in Freetown

Local News
In Sierra Leone, Koidu Holdings Signs Reviewed Mining Agreement
By Bampia Bundu
Sep 7, 2010, 17:20

In what Mines Minister Hon. Alhaji Alpha Kanu says is a ďsign of responsible governanceĒ, one of the leading diamond mining companies operating in Sierra Leone, Koidu Holdings Limited on 6th¬†September 2010 signed another mining lease agreement with the Government of Sierra Leone at the Conference Room of the Ministry of¬† Mineral Resources, 5th¬†Floor Youyi Building in Freetown.

Giving an Overview of the agreement, the Head of Strategic Policy Unit in the office of the President Mr. Francis Bai Koroma revealed that the signing of the agreement was a manifestation of President Ernest Bai Koromaís vision to review all mining laws in the country. He praised Koidu Holding for holding the fort since 2007 when they literally became the only operational mining company in the country with a very organized structure.

He said as part of their commitment, Koidu Holdings will provide the sum of US$100,000 for training of Sierra Leoneans per year, in addition to giving preference to Sierra Leoneans to work in the mines. He concluded by stating that the country stands a chance of benefiting US$355 Million in 17 years time, with government receiving US$18 Million every year.

In his statement, Hon. Alhaji Alpha Kanu who doubles as the Minister of Mines and Mineral Resources and Political Affairs revealed that when the APC government came to power proceeds from the mining industry was merely US$5.8 million per year, but that with  a  review of the Mining Act, government has increased its earning to about 20 times that of the previous proceeds.

On behalf of Koidu Holdings, the Chief Executive Officer Mr. Jan Joubert described the moment as significant in the history of the companyís activities in the country considering the length of period they have operated in Sierra Leone. He said they had always maintained their objective to satisfy not only their shareholders but the government and people of Sierra Leone.

He assured the government that they were prepared to commit themselves to the terms and conditions of the agreement.

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