Deal #8863

319 km²

Concluded, but cancelled by government in 2019. Bankrupt in 2017. Significant investments were made by Gerald Group between 2017 and 2019 to reconfigure and reactivate the operation. The project, which was commissioned in January 2019, produced high grade iron ore concentrate with >65% iron, but was then put back into care and maintenance in September 2019 due to a disagreement with the government of Sierra Leone. During Q2/2021 management continued to actively engage with relevant stakeholders at the SL government to fast-track the process for reissuance of the Mining Licence. In January 2021 the Company met with high level company and public officials from Sierra Leone at the Minister of Mines office in Freetown to discuss and propose an investment case for the Marampa Project supported by the attractive iron ore market price and outlook. A formal response regarding the proposal lodged on 14 January 2021. Some ongoing political turmoil makes it difficult to predict when the government will assign the licence, but they have shown commitment to reissue the Mining Licence to the Company.

The Marampa Project remains under care and maintenance while the Company engaged in dialogue with the relevant Sierra Leonean authorities in an attempt to have the Mining Licence reinstated or reissued by mutual agreement. restarted production of new product in September 2021.