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DJ Sierra Leone Reforming Mining Sector, Reviewing Contracts-Govt

Posted on: Wed, 18 Nov 2009 11:21:00 EST

Symbols: MRLS

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LONDON, Nov 18, 2009 (Dow Jones Commodities News via Comtex) --
MRLS | Quote | Chart | News | PowerRating -- Sierra Leone is reforming its mining sector and reviewing mining contracts in a move aimed at creating a more transparent system, a government minister said Wednesday.

Late Tuesday the parliament passed a new bill, yet to be signed by the president, that will increase the royalties that companies pay to the government and makes it harder for miners to sit on property without developing it, the Minister of Mineral Resources, Alpha Kanu, said on the sidelines of an investment seminar.

Under the new bill, diamond miners' royalties will rise to 6.5% from 5%. Precious metals mining royalties will increase to 5% from 4%, he said.

Companies that sit on property without developing it after an allowed exploration period will be forced to give up 50% of land held, he added.

"We're not looking to take over companies but review the fiscal contracts," he said. "We might change some things."

-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483; devon.maylie@dowjones.com

(END) Dow Jones Newswires

11-18-09 1121ET

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