AS LOCAL COMPANY ACQUIRES MAJORITY OF SIERRA RUTILE SHARES... LEONCO TO BOOST SIERRA LEONE'S ECONOMY
- Details
In a groundbreaking move, the Sierra Leone Oil Marketing Company Limited (Leonco), a fully indigenous enterprise, has secured the majority shares of Sierra Rutile Holdings Limited, one of the nation’s largest mining operations located in the southern region.
Leonco’s acquisition comes after outbidding foreign competitor Gemcorp, which had initially offered $0.16 per share. In contrast, Leonco’s superior offer of $0.18 per share was accepted by the shareholders, marking an unprecedented takeover in Sierra Leone’s mining industry.
This historic deal shifts significant control of the country’s lucrative mineral resources into the hands of a locally owned company for the first time, paving the way for transformational economic benefits.
A Win for the Economy and National Pride
The acquisition means profits generated from Sierra Rutile’s operations will now remain in Sierra Leone, boosting government revenues and fostering national development. Leonco’s leadership promises to create more job opportunities for Sierra Leoneans, particularly in roles traditionally occupied by expatriates.
Government Support is Crucial
As Leonco takes on this massive responsibility, the government is urged to back this landmark move by creating a conducive business environment and implementing policies that support indigenous enterprises.
This remarkable achievement by Leonco signals a new era for Sierra Leone’s mining industry, positioning the nation for greater economic sovereignty and growth.
Stay tuned for more updates on how this acquisition will reshape Sierra Leone’s economy and empower its people!
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