News / Africa

Sierra Leone Discloses Mining Revenues for First Time

Multimedia

Audio
TEXT SIZE - +
Fid Thompson

Two years after Sierra Leone signed up to the Extractive Industries Transparency Initiative, the government has submitted their first report on mining revenues.

Sierra Leone is rich in mineral resources and also one of the poorest and least developed countries in the world.

Now the government is trying to address its 'resource curse' by publishing its first ever public report on revenue Sierra Leone receives from mining companies.

The report is part of the global Extractive Industries Transparency Initiative that requires mining companies to publish what they pay and asks governments to publish what they receive in revenue.  The idea is to foster transparency in a sector that, if managed properly, could contribute significantly to a country's development.

Sierra Leone Ministry of Mines Deputy Secretary Emmanuel Komba says the report is an important step for a country that has gained little from its mineral wealth.

"The rationale behind this is that the world believes the people should benefit from the resources of their country," said Komba.  "And that has not been happening.  So at the end of the day, what has gone wrong?  Who is fooling who?  So at the end of the day in order for everybody to see what is actually happening in industry, that you ask the companies to reveal what they have paid to government, and government to say this is what we have received."

The report covers payments made to the government by six industrial mining companies, two major exporters and other institutions during 2006 and 2007.

Mining companies reportedly paid $10.6 million in 2007 while the government says it received $10.2 million in the same year.  Verdi Consulting, the company reconciling the two sides, says the discrepancy is due to the government failing to report some revenue and to companies unable to prove certain payments.

Sierra Leone's diamond fields fueled a 10-year civil war.  The country is also home to one of the world's largest rutile deposits, and considerable deposits of iron ore, bauxite and gold.

In 2009, Sierra Leone revised its Mines and Minerals Act, requiring greater contributions from mining companies, in the form of license fees, royalties and taxes.

With more money paid to state coffers by mining companies and the recent discovery of oil off Sierra Leone's coast, advocacy groups say transparency and good governance is more important than ever to ensure Sierra Leoneans benefit from their abundant natural resources.

You May Like

Algerians Vote in Presidential Election

There were few media reports of protests and clashes around the country, but so far no significant violence More

Sharks More Evolved than Previously Thought

The discovery could “profoundly affect our understanding of evolutionary history” More

Pakistan Military Asked to Protect Polio Workers

Request comes as authorities say a Taliban ban on vaccinations in 2012 and deadly attacks on anti-polio teams have prevented thousands of children from getting inoculated More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid