Freetown, Sierra Leone – Sierra Leone’s Minister of Mines and Mineral Resources Julius Mattai has revealed that Sierra Leone generated $1.2 Billion in mining exports in 2024.
He made this announced during the Ministry of Information and Civic Education weekly press briefing on Tuesday 8th April 2025, Sierra Leone is set to assume the chairmanship of the African Diamond Producers Association (ADPA) for a two-year term. This leadership role positions the country at the forefront of diamond policy discussions across the continent.
The announcement comes as Sierra Leone hosts the 10th Ordinary Meeting of the ADPA Council of Ministers, part of Mining Week 2025, held at the Bintumani Conference Center from April 8th to 12th. The event features industry exhibitions, panel discussions, and cultural showcases highlighting the country’s mining potential.
Mining Revenues and Export Performance
During his address, Minister Mattai outlined Sierra Leone’s mining revenue structure. Non-tax revenues, such as royalties and license fees, contributed approximately $50 million in 2024, while tax revenues, including corporate income tax and customs duties, generated between $8–9 million.
The country’s total mineral export value for 2024 stood at $1.2 billion, a decline from $1.6 billion in 2023, primarily due to the suspension of Sierra Rutile’s operations.
2024 Mining Export Breakdown:
– Iron Ore: 70% of total exports, generating $785 million from Kingho Mining Company and Marampa Mines.
– Diamonds: 12% of exports, valued at $102 million—with $82 million from Koidu Holdings and $20 million from artisanal miners.
– Gold: Totaling $11 million, including $10 million from artisanal mining and $1 million from large-scale mining.
A notable development in the sector is the licensing of FG Gold, a large-scale gold mining company expected to generate over $300 million annually, a significant jump from the current $1 million in large-scale gold exports.
Minister Mattai clarified that while these export values represent private sector investment, the government earns revenue through taxes and royalties.
Challenges and Investment Climate
Addressing industry challenges, Ibrahim Sorie Kamara of MEYA Mining and the Chamber of Mines highlighted fluctuations in global commodity prices. While iron ore prices have risen, diamond prices have declined, and U.S. tariffs continue to create uncertainty for investors.
Despite these hurdles, Kamara urged Sierra Leoneans to actively promote positive narratives about the country’s mining sector to attract investment and boost economic growth.
With Sierra Leone set to take the helm at ADPA, the focus is now on leveraging its mining leadership role to drive regional cooperation, policy reforms, and increased revenue generation for national development.
