Bloomberg News

Sierra Leone Opposition Leader Slams Accord With London Mining

April 12, 2010

The leader of the opposition Sierra Leone Peoples Party, John Oponjo Benjamin, said a recent accord with London Mining Plc (LOND) to reopen the Marampa iron-ore mine doesn’t guarantee enough revenue for the state.

“This is a concession our government will review when we come back to power in 2012,” Benjamin told a press conference in the capital, Freetown, today.

According to the opposition leader, the contract stipulates that London Mining will pay 6 percent of its profit to the government, compared with the legal minimum of 37 percent. The finance minister, Samura Kamara, has said the project will generate $146 million for the government over the next decade.

London Mining has said it will invest $300 million over the next four years in the mine, which has been closed for 25 years.

To contact the reporter on this story: Jon Foray in Freetown via Johannesburg at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.


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