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$6 Billion Chinese Investment for Sierra Leone

Posted on March 27, 2013 at 02:20:37 PM AEDT

The Ministry of Mines and Mineral Resources on 10th May 2013 signed a Memorandum of Understanding with China Kingho Energy Group Co., Ltd on the development of mineral resources in Sierra Leone.

With the Six Billion United States Dollars investments planned as contained in the MOU, the proposals contain plans for the construction of a railway from Tonkolili to Sulima, construction of deep water quay port for transportation of products, amongst others.

During the signing ceremony at the Ministry of Mines, the Attorney-General and Minister of Justice Frank Kargbo said his office has been working on the MOU and was happy to inform all those present that the proposals in the MOU are in line with the development aspirations of the All Peoples Congress (APC) government and its Agenda for Prosperity.

This he said, when fully implemented, the country will greatly benefit from, whilst also expressing appreciation to have been part of the process and therefore recommended, that the Minister of Mines signed the document “as it is in the interest of the country.”

The Minister of Mines, Minkailu Mansaray, said Kingho has been a major player in Sierra Leone’s development.

Sierra Leone, Minister Mansaray said, is in a hurry to be transformed and that as a government they will continue to encourage investors into the country but however cautioned that they only will look forward to working with reliable, committed trustworthy investors.

He encouraged Kingho to ensure they work within the time frame as stated in the MOU and called on the new Ambassador to China, Victor Foh to work closely with the group so that they will work within the stipulated timeframe.

Chairman for the China Kingho Energy Group, Huo Qinqhua congratulated the new Ambassador, Victor Foh on his appointment and informed the gathering that upon his arrival in Sierra Leone, he has felt the warm friendship that China and Sierra Leone have. He revealed that his group has consolidated itself to always invest in Sierra Leone, whilst also expressing confidence and optimism that Sierra Leone’s future is encouraging especially in providing favourable investment climate in the country.

Key components of the MOU include, plans for the construction of a Mine Development Project, construction of a supporting power facilities, construction of transport and logistics facilities, construction of a railway from Tonkolili iron ore area in the north to Sulima in the south, and construction of an industrial park.

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