Sierra Leone’s mining sector continues to register growth in non-tax revenue, with mining license fees now contributing approximately $1 million annually. This revenue forms part of a broader non-tax income of $49.9 million generated in 2024, marking a notable increase supported by tighter regulatory oversight, revised mining policies, and improved compliance mechanisms.
Minister of Mines and Mineral Resources, Julius Mattai, revealed the figures during a press conference held on Tuesday, 8th April 2025, at the Miatta Conference Hall in Freetown. He reported that total non-tax revenue from the mining sector had doubled from $11 million in 2023 to $22 million in 2024—an outcome he attributed to the Ministry’s reform agenda and its commitment to transparency and good governance.
“This increase is a reflection of our ongoing reforms and a clear signal of improved governance in the extractive sector,” said Minister Mattai, who emphasized that the Ministry’s financial mandate is limited to non-tax streams such as royalties and license fees. Tax-based revenue, he noted, is managed by the National Revenue Authority.
Iron ore remains Sierra Leone’s most valuable mineral export, accounting for nearly 70% of the total export value in 2024. The country earned $785 million from iron ore exports, primarily driven by Marampa Mines and Kingho Mining. According to the Minister, Kingho secured more than $584 million in financing to boost its operations, while Marampa contributed roughly $149 million in export earnings.
Despite these gains, the country’s overall mineral export revenue declined from $1.6 billion in 2020 to $1.12 billion in 2024—a 3.75 percent drop mainly caused by the temporary suspension of operations at Sierra Rutile Mining Company. Despite this, the company managed to generate $55 million from rutile exports and an additional $34 million from zircon, despite operating at limited capacity during the year.
Diamonds also contributed significantly to the export portfolio, bringing in $102 million in 2024, with Koidu Holdings accounting for $82 million of that total—roughly 12 percent of the sector’s overall export value.
Minister Mattai reaffirmed the government’s commitment to sustaining reforms and ensuring that the country’s mineral wealth is managed responsibly to support national development and benefit Sierra Leoneans across the board.
