Transformative Partnership Secures Future for Sierra Leone's Mining Sector

Farid Alghali, CEO of Sierra Leone's Mineral Wealth Fund, announced a significant breakthrough for the nation's mining sector, revealing a secured investment partner committed to developing a new port, mining facility, and conveyor belt system specifically for the Kasafoni iron ore deposit.

Alghali who was speaking at the government's weekly briefing, emphasized that Sierra Leone is wealthy, citing its abundant iron and other mineral resources as the driving force behind securing this crucial partnership. 

He stated that the partner has pledged hundreds of millions of dollars to fund the new railway, port, mineral facilities, and conveyor belt system.

The CEO also highlighted the partner's commitment to working collaboratively with the government to ensure widespread benefits for all Sierra Leoneans. He projected that the first shipment of iron ore from Sierra Leone is slated for export by November 2026.

Alghali underscored his personal mission to deliver a stable electricity system, which he believes will alleviate many of the challenges currently faced by the nation. 

He is dedicated to the success of the Mineral Wealth Fund's model, which advocates for state participation with joint benefit partners. 

This approach, he explained, stands in stark contrast to previous arrangements where private entities often secured 97% of mineral profits, leaving the nation with only 3%. 

Under the new model, the partner will provide finance, machinery, and skills, while the government will grant the necessary licenses, ensuring a more equitable distribution of wealth.