Sierra Leone Mining Industry Conflict: Mines & Finance Ministries In Cold War

The graphic work by the NEW AGE shows that there is a serious conflict in Sierra Leone’s Mining Industry with two Ministries in a serious fight as to who should control the sector.
The Ministry of Mines is responsible for mines and minerals in the country with the National Mineral Agency (NMA) as its regulatory body. Finance Ministry, on the other hand is responsible for fiscal policies for the country and most times wade into the mining sector to set up tax regime.
As it is, Finance Ministry has created the Sierra Leone Mines and Minerals Development Corporation (SLMMDC) through a statutory instrument which is already conflicting with existing laws such as the Mines and Minerals Development Acts and the Constitution of Sierra Leone, a case in point is the Kasafoni Land in Tonkolili District.
The SLMMDC has Kasafoni Deposit as one of its assets without any due regard for the people who own their land which has created a pandemonium in the Mineral Sector. It is believed that the Mineral Wealth Fund has already signed an agreement with SLMMDC and also having another agreement with an unknown company.
It is also the belief of many people that the Mineral Wealth Fund with a Russian behind the scene is having a covert agreement with an unknown company.
Despite assurance by the Finance Ministry for the so called Mineral Wealth Fund, information revealed that all that he and his team are able to get so far are Memoranda of Understandings as most investors are shying away from such a set up.
The World Bank Country Economic Memorandum stated that mining firms, in particular, are exposed to state interventions and the variable enforcement of the legislative and regulatory frameworks.
“State interventions in mining have undermined investor confidence. While the country has made progress in reforming its legal framework for the mining sector with the Mines and Minerals Development Act 2023 which removes discretionary powers of key political and technical officials of regulatory ministries and agencies, but legal contradictions and inconsistencies remain,” the world Bank Stated.
In all of this, it is the view of Sierra Leoneans that the Sierra Leone Mines and Mineral Development Corporation (SLMMDC) must come out clean and explain to Sierra Leoneans what is happening.