From Mining Tax… NRA Bags US$52M

 

By Thomas S. Kembay

Director General of National Mineral Agency (NMA), Sahr Wonday has disclosed during the launch of 2018 Mining Journal that in 2017 National Revenue Authority (NRA) received fifty two million United States Dollars (US$52m) as tax from four mining companies.

According to the Director General, the mining sector has been the backbone of the country’s economy since 1930 and that in recent years, prior to the drop in the world price of iron ore, the mining sector contributed 20% to the Country’s Gross Domestic Product (GDP).

“In 2017, the four operating large scale mining companies, Tonkolili Mines, Sierra Rutile, Sierra Minerals and Octea Mining paid a total of US$52 million to NRA and employed more than 6000 people,” said Mr. Wonday.

The ‘New Direction’ led government, he said, recognizes the fact that Sierra Leone needs to show more of the mineral wealth based on the significant contribution to the economy from the mining sector.

The sector, he said, should play a critical role in supporting the country’s development agenda and assured that the NMA is committed to supporting the creation of enabling environment for mineral sector investment for the benefit of the country.

The Agency’s priority, he said, is to ensure that licenses management process is very transparent with allocations of mineral rights based on strict eligibility criteria designed towards attracting only credible investors with proven track records.