Bussines in Siera Leone
The government participates in the Kimberly Diamond Certification Process, which aims to combat trade in conflict diamonds. It also participates in
the Extractive Industry Transparency Initiative, which seeks to improve the management of mineral resources by publishing information on government
revenues from natural resources. Changes to the structure of the Ministry of Mines are planned and the government intends to consolidate regulations.
Sierra Leone possesses one of the largest rutile reserves in the world as well as significant bauxite reserves, and prior to the war they were the
largest contributors to tax revenue (40 per cent and 20 per cent, respectively). Having been suspended in 1995, rutile and bauxite mining
operations resumed in 2006 although rutile production was scaled down in 2008 following the collapse of one of the two dredges used to mine
the mineral. Other identified minerals in Sierra Leone include gold, iron ore, platinum, chromite, lignite, clay, copper, nickel, molybdenum,
lead and zinc. Gold is currently mined and a contract has been signed to commence iron ore mining.
The mining sector in Sierra Leone faces several challenges ranging from the legal and regulatory framework, capacity constraints, and environmental,
health and child-labour concerns. It needs both to attract and retain more foreign investment while also ensuring that a share of the profits
benefit the wider population and the communities in the vicinity of the mines.
Despite the onset of the global recession towards the end of 2008, real GDP increased 5.4 per cent in 2008, with 6.3 per cent and 5.5 per cent
growth anticipated for 2009 and 2010, respectively.
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