Statement by His Excellency Dr. Ernest Bai Koroma, President of the Republic of Sierra Leone at the State Opening of Parliament on Friday 8th October.
16. In the energy sector, we set out to achieve the supply of reliable power to Freetown, the completion of the Bumbuna* Hydroelectric Project, the development of new power sources throughout the country and enhanced transmission and distribution networks. A new thermal plant** is to be installed in Eastern Freetown. Generation at the Bo/Kenema Power Station is being expanded to provide affordable electricity to more communities. Makeni, Magburaka, Lunsar*** and Bumbuna Town will soon receive electricity from Bumbuna. Plans are already underway to increase the generating capacity of Bumbuna ten-fold through the construction of a second dam.
21. Mr. Speaker, we are transforming the national transportation network by designing and implementing the largest road construction plan in the history of Sierra Leone.
66. In the extractive industries sector, Sierra Leone welcomes the interest being shown by the likes of Essar Group, Anadarko, Shandong Iron and Steel Group, and the Dangote Group.
Mineral Resources
71. Mr. Speaker, Honourable Members, all of us grew up knowing that our country is rich in mineral resources. However, these riches have not been translated into tangible benefits for our people. The country's mineral sector also lacked proper regulatory regimes, leading to non-transparent transactions, decrease in investor confidence and failure to attract large scale investments. My Government is determined to change this.
72. A starting point in the implementation of our goals for the sector was the review of all mining agreements. We have successfully completed the review of the Koidu Holdings Agreement and are currently renegotiating the Sierra Rutile and London Mining Company agreements. My Government is committed to reviewing all mining agreements without exception. We continue to seek support from our bilateral and multilateral friends for ongoing negotiations and for building capacity of the Ministry to monitor agreements and ensure compliance, and maximise the benefits from our mineral resources.
74. Our actions are bearing tangible dividends for this country. There has been an increase in Government revenue from new mining investment in exploration and development, and from current mining operations. Government has signed a mining lease agreement with the African Minerals Limited (AML) to start mining operations at Ferengbeya, Tonkolili District. The African Rail and Port Services (APRS) is constructing a standard gauge railway from Tonkolili to Lungi and a port at Targrin, which we expect to serve other mining concerns, and as a trans-shipment hub for the sub region. I am pleased to announce that I have already unveiled the first railway locomotive that arrived in the country in September 2010.
* near Tonkolil ** Pinnacle's thermal coal deposits close to Freetown *** next to Marampa
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