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By LRMG PR & Media Unit
The Leone Rock Metal Group (LRMG) being one of the leading Mining Company in the Country has invested more than Ten Million United States Dollars (US$10Million) on the construction of its Phase 2 Stage 1 project development.
This information was made known to members of the Fourth Estate by LRMG Compliance Manager, Ing. Samuel Kamara during a site visit at the Phase 2 Stage 1 concentrate processing plant on the Tonkolili Iron Ore Mine Site in Tonkolili district after a successful Oversight visit by the Mines and Mineral Committee in Parliament.
Ing. Kamara stated that the Phase 2 Stage 1 Operation that commenced in 2022 with a total investment of more than ten million Dollars will derive a total payment of US$13.42 million to the government of Sierra Leone and a Job addition of two hundred (200) with one thousand (1000) direct beneficiaries over the next 2 years.
He further said that the Phase 2 Stage 1 will be Optimizing Iron Ore to 62% concentrate and the Company commenced full scale processing in December 2022 using a 2 million tons per annum (mpta) processing plant with a mine life of two years.
Ing. Kamara stated that LRMG invested over 381 Million US Dollars in 2022 alone with a cumulative investment in Sierra Leone exceeding US$ 595 million US Dollars. Ing. Kamara added that the company’s annual export of its 57% Iron mined from DSO material is slightly over 5.8 million tons of which is more than 75% increase export tonnage compared to the 2.03 million tons exported in 2021. This proves that LRMG is on track with its rapid transformation plans for the mining industry. As a result of the increase in export volume, the company paid 9.7 Million US dollars in revenue including royalty, taxes, Payee and licenses to the GoSL in 2022. Additionally, the company also produced 130,197 tons of concentrate at 62% optimized from the newly commissioned beneficiation plant.
He reiterated that the Company invested a total of $US785,000 in 2022 alone in various community development projects ranging from Community Development Action Plan (CDAP) Project implementations, Community Development Agreement (CDA) payment and Corporate Social Responsibilities (CSR) activities especially in the areas of, Education, health, Women empowerment, infrastructure, and water.
Journalists were taken on a conducted tour around the newly constructed state of the art processing and beneficiation plant with great delight after seeing the huge investment of the Company.
