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The Minister of Finance, Sheku Fantamandi Bangura, has highlighted the government's renewed participation in the mining sector through the establishment of the Sierra Leone Mines and Mineral Development and Management Corporation (SLMMDMC), to act as a holding company for the Mineral Wealth Fund (MWF) which is managed by the Company's Act of Sierra Leone.

Addressing the weekly press conference on Tuesday, 26th August 2025, the Deputy Minister of Information and Civic Education, Bockarie Abdel-Aziz Bawoh, informed the public that a high-level government's delegation led by the Minister of Finance, that visited the three chiefdoms in Tonkolili and Koinadugu districts. The government's delegation signed Land Lease Agreements with landowners of the Kasafoni Iron Ore Deposits - Diang, Sambaia, and Dansogoia chiefdoms - which marks a significant step in the government's vision to participate meaningfully in the mining sector.

He informed that the SLMMDMC will manage these concessions on behalf of the government, citing similar models in Namibia, Botswana, Ghana, and Nigeria.
The Minister of Finance, Sheku Fantamandi Bangura, reflected on the country's historic challenges in managing the mining sector and also shared the vision of His Excellency President Dr. Julius Maada Bio, around how he wanted them to organise surveillances to manage the mineral resources of the country that would be far different from what had been happening since independence.

Mr. Bangura explained that guided by Presudent Bio, the government designed a new framework for national participation in mining under the Mines and Mineral Development Act, 2022, which grants government 10% free carriage undiluted interest in all large-scale mining ventures and up to 35% equity stake in joint ventures.
He furthered that in implementing this, the SLMMDMC was established, supported by a private sector vehicle, the MWF, fully owned by the government, noting that the MWF ensures that mining operations are financially independent of the national budget.

According to Minister Bangura, the government's visits to the three chiefdoms were to complete the licences acquisition process through signing Land Lease Agreements with landowners of the Kasafoni Iron Ore Deposits, noting that these deposits have been identified as strategic national assets allocated to tge SLMMDMC and the MWF for sustainable development and revenue generation.