- 2024 non-tax revenues $50million
- Iron Ore total exports worth $785 million
*Diamonds export Value $102 million - Gold export Value $11 million
By Saidu Dumbuya
Minister of Mines, Julius Mattai has outlined the structure of mining revenues in Sierra Leone. He explained that tax revenues, including corporate income tax, withholding tax, GST, and customs/excise duties, are handled by the Ministry of Finance and the National Revenue Authority (NRA), while Non-tax revenues, such as royalties and license fees, are managed by the Ministry of Mines.
He reported that non-tax revenues for 2024 amounted to approximately $50 million, while tax revenues generated from the sector were between $8–9 million.
In terms of exports:
- 2023 recorded a total mineral export value of $1.6 billion.
- 2024 saw a slight drop to $1.2 billion, largely due to Sierra Rutile halting operations.
Breakdown of 2024 export contributions:*
Iron Ore:70% of total exports, worth $785 million, mainly from Kingho Mining Company and Marampa Mines.
Diamonds:* 12%, with $102 million in export value—$82 million from Koidu Holdings and $20 million from artisanal miners.
Gold: $11 million, with $10 million from artisanal mines and $1 million from large-scale mining.
A significant development is the licensing of FG Gold, a large-scale gold mining company projected to generate over $300 million annually, a substantial increase from the current $1 million in large-scale gold exports.
