Sierra Leone: African Minerals to Change the Face of the Economy
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Concord Times (Freetown)
18 March 2008 Posted to the web 18 March 2008
Mariama Kandeh Freetown
Chief Executive Officer of African Minerals Limited- Sierra Leone (AML-SL) has said his company's investment in Sierra Leone for 2008 will transform the country's economy for the best.
Frank Timis said his company's total investment for 2008 is $ 100 million 30 percent of an output that will go into the country's coffer and subsequently change the lives of Sierra Leoneans completely.
The company, which joined the Sierra Leone corporate world in 2002, has a market capital of US$450 million and is currently embarking on active exploration for uranium, nickel and gold in Kono, Kailahun and Bo while also drilling to find economic iron ore resources at Tonkolili and Marampa.
He noted that the Tonkolili iron ore project, which is the largest in the country, has a significant magnetic mineralization extending over a 28 kilometer (km) strike. The project also involve a 200,000m reverse circulation (RC) and diamond core drilling programme planned and 7 RC and 2 diamond rigs being mobilized in Tonkolili.
"A preliminary metallurgical test work at independent Australian laboratory AMDEL shows export grade concentrate at the Tonkolili site of 68 to 70% iron ore can be produced," he said.
Timis stated that his company lay off 600 staffs three months ago when it stopped exploration in the Nimiyama chiefdom site in Kono district but the company is thinking of employing even more than that number under the new community mining project.
He affirmed that the development stage of the iron ore mines at Marampa and Tonkolili involve the re-treatment of tailing sands from historical mining operations to produce iron concentrate, refurbishment and upgrade of the Pepel port and Marampa to Pepel railway, evaluation of hard rock mining potential, development of hard rock mining operations at Marampa, add crushing and grinding capacity to Marampa concentrator, develop mining at Tonkolili to produce a magnetite concentrate as feed for a pellet plant at Pepel and potential extension of Marampa railway to Tonkolili.
Timis said the Marampa tailings retreatment involve the grading of 32 percent iron ore and 45 percent for silica which is the main gauge.
"Advances in Mineral processing technology over the past 20 years and current iron ore prices underpin tailings retreatment," he said.
He noted that at 80 percent iron recovery and 40 percent mass recovery, a 64 percent iron concentrate would be produced.
"The estimated capital investment for tailings retreatment contractor and infrastructure is US$100," Timis affirmed.
He said the aeromagnetic survey conducted in 2005 has highlighted 20Km of prospective strike.
Meanwhile, four drilling holes have been completed, including two substantial gravity anomalies defined north and south of the old mining areas and represent walk-up drill targets. The gravity modelling indicates these targets have the potential host hard rock, specular heamatite mineralization-confirmed by NQ core. There is also three additional, lower order coincident gravity and magnetic anomalies and four NQ diamond holes completed and core dispatched to independent laboratory, AMDEL Australia for analysis and test work.
Initially, the Sierra Leone Development Corporation was formed in 1930 to develop the Marampa site and between 1930 and 1933 the Pepel Port, railway and mine infrastructure was constructed. The first iron ore shipment from Pepel port in September 1933 was 8,000 tons to Glasgow.
As part of its corporate social responsibility and in complementing government's effort in attaining the Millennium Development Goals and eradicating poverty by 2025, AML-SL in 2007 embarked on a safe drinking water project in communities in the Tonkolili iron ore project area namely Sokoni, Kabgema and Ferengbeya villages at a cost of US$27,000 including maintenance of the facilities.
In 2007 the company also donated schools furniture to 10 primary schools in the North and Eastern province respectively while two hundred and fifty (Three seat school benches) were distributed to three schools in Tonkolili district. It also donated school materials to schools in Kono, Tonkolili and Bombali district and a year tuition fees for 375 pupils to the tune of US$15,000.
The company also contributed US$2,000 for the rehabilitation of the Bumbuna central Market while it provided funds for the rehabilitation of the Kalalogia chiefdom court barray. As football is seemingly the major form of entertainment today and the most popular sport in the world, AML-SL has also contributed towards the development of soccer in the country by providing US$15,000 as financial support to one of Sierra Leone's oldest football clubs, East end Lions while it provides US$5,000 to the club monthly.
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However, as part of the 2007 Christmas festivity the company organized and sponsored a football gala between Bumbuna and Samaia Bendugu and the district football team Tonkolili stars.
CFE Price at posting:
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