The leader of the opposition Sierra Leone Peoples Party, John Oponjo Benjamin, said a recent accord with London Mining Plc (LOND) to reopen the Marampa iron-ore mine doesn’t guarantee enough revenue for the state.
“This is a concession our government will review when we come back to power in 2012,” Benjamin told a press conference in the capital, Freetown, today.
According to the opposition leader, the contract stipulates that London Mining will pay 6 percent of its profit to the government, compared with the legal minimum of 37 percent. The finance minister, Samura Kamara, has said the project will generate $146 million for the government over the next decade.
London Mining has said it will invest $300 million over the next four years in the mine, which has been closed for 25 years.
To contact the reporter on this story: Jon Foray in Freetown via Johannesburg at email@example.com.
To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at firstname.lastname@example.org.