Sierra Leone’s mineral sector has generated a turnover of nearly $4 billion in export earnings over the past six years. Yet, less than 5% of that windfall has been reinvested into the country’s critical development sectors of education, healthcare, infrastructure. The rest? Lost in a legacy of weak contracts, opaque deals and decades of mismanagement dating back to the 1980s.
At a recent press briefing at Youyi Building, Finance Minister Sheku Ahmed Fantamadi Bangura laid bare the numbers: in 2024 alone, the country earned $1.5 billion from its mineral exports. But without structural reform, he warned, Sierra Leone risks remaining rich in resources but poor in returns.
The mineral breakdown includes precious minerals (Diamonds, gold), Bulk minerals (bauxite, iron ore, rutile, heavy mineral sands) and critical minerals like Lithium, which is now a global commodity in high demand
To reverse the depletion, Bangura unveiled a new architecture for mineral governance. The first is that the Mines and Minerals Development Act of 2022 now guarantees the government a 10% free-carried interest in all new mining ventures, ensuring Sierra Leone has a seat at the table, not just crumbs from the deal.
Also, the launch of the Sierra Leone Mining and Mineral Resources Corporation (SLMMRC) marks a strategic Turning point. This state-owned entity will secure geological data, protect strategic assets and negotiate smarter contracts to ensure fair value extraction.
“This is not just about revenue, it’s about national wealth. We’re building a structure where government participation, resource-backed financing and responsible oversight can finally work hand in hand.” Bangura said.
The reforms signal a shift from extractive dependency to strategic equity. With lithium and other critical minerals drawing global attention, Sierra Leone stands at a crossroads: either continue exporting raw wealth with minimal returns or leverage its resources to build a diversified, resilient economy.
