The Chairman and Chief Executive Officer (CEO) of Gerald Group’s, Craig Dean has expressed thanks and appreciation to His Excellency President Julius Maada Bio after a long-standing mining disagreement between the Gerald Group/SL Mining and the Government of Sierra Leone reached an out of court settlement.
Expressing his appreciation, CEO Craig Dean maintained that he is delighted that they have been able to resolve their differences with a fresh and a new beginning with the Government of Sierra Leone.
“I would like to thank His Excellency, President Bio, for personally working with me and the team to resolve this long-standing in the best interests of the people of Sierra Leone, the Government, and the Gerald Group/SL Mining,” he stated.
He also expressed hope for a positive long-term working relationship between them and the Government of Sierra Leone.
That during the resolution, the two parties agree to withdraw their legal claims/allegations under arbitrations and agreed to provide full support to ensure the rapid commencement of mining operations.
That the following terms were agreed on:
– All legal cases and /or allegations between the parties will be indefinitely withdrawn.
– A new company (“NewCo”) will be formed wherein Gerald Group will own 90 percent interest and the
Government will own a 10 percent non-dilutable interest.
– NewCo will take over all assets and rights of SL Mining, which include Marampa North, Marampa South,
and all property plant and equipment.
– Gerald has committed to increase materially the production of Marampa.
– NewCo to begin operations by 1st of June 2021.
– Gerald will have the immediate right to ship the current stockpile, which is ~707k tons of iron ore. Gerald
will pay a fixed sum of USD 20 million in two instalments of USD 10 million prior to 31 December 2021.
– Gerald / “NewCo” will negotiate during the course of May 2021 a new Mining Lease Agreement that will
be a win-win for the Government and Gerald.