Sierra Leone Mining Companies: Owners and Government Revenues
Executive Summary: Sierra Leone’s formal mining sector is dominated by a handful of large companies and numerous smaller concessionaires. Major licence-holders include Sierra Rutile Ltd (rutile/ilmenite, owned by Iluka Resources, Australia), Koidu Holdings S.A. (diamonds, controlled by the Steinmetz family’s Balda Foundation of Israel/France), Sierra Mineral Holdings 1 Ltd (bauxite, owned by Global Aluminium Ltd via Olga Volokhova, Israel), and several Chinese-owned firms (Kingho Mining – coal, Cheng Li Trading – gold, Dayu Mining – gold, etc.). Tonkolili iron ore (formerly African Minerals Ltd) was effectively controlled by China’s Shandong Iron & Steel after 2015, but production has been suspended since. The table below compares key companies by commodity, licence and known beneficial owner(s), along with their payments to government (corporate tax, royalties, etc.) in recent years (USD, latest EITI data).
Key Findings:
- Sierra Rutile Ltd (Rutile/Ilmenite): An Australian-listed company (formerly part of ILUKA Resources) operating in the South (Moyamba/Bonthe). Parent Iluka acquired Sierra Rutile in 2016. In 2019 it paid about US$7.6M in corporate tax and US$6.13M in royalties; in 2020, $4.53M tax and $6.52Mroyalty.
- Koidu Holdings/Koidu Ltd (Kimberlite Diamonds): A Belgian/Sierra Leonean company led by the Steinmetz family (Israeli–Belgian citizenship). It operates the Koidu kimberlite mine in Kono District. In 2019, royalty payments were $6.33M (no corporate tax was reported that year), and in 2020 it paid $13.40M in corporate tax and $7.40M in royalties.
- Sierra Mineral Holdings No.1 Ltd (Bauxite): Operates the old SLALCO bauxite concession. Beneficial owner is Olga Volokhova (Global Aluminium Ltd, Israel). In 2019 it paid $1.44M corporate tax and $1.89M royalties. In 2020 corporate tax was only $0.23M (due to losses) and royalty $1.31M.
- Kingho Mining Co. Ltd (Coal): Chinese-owned (Wa Hing Fok, Hong Kong, 100% ownership). Small production; its 2019/2020 payments were mainly licence fees (no corporate tax or royalty) and totaled ~US$1.93M each year (mining lease fee, etc.).
- Dayu Mining Co. Ltd (Gold, Northern Province): Chinese-owned (Zhao Yun, China, 100%). Paid modest taxes: in 2020 it paid $0.69M (mostly licence fee) and $0.145M in royalties. (Operations were scaled down by COVID-19.)
- Meya Mining Ltd (Diamonds): 51% owned by Namibia’s Trustco Group (JSE/NAMEX-listed) and 49% by Sierra Leonean Ibrahim Kamara. In 2020 it paid about $0.49M in corporate tax (mining lease fee) and no royalty (exploration stage).
- Other Concessionaires: Many smaller miners (often Chinese or local JV) hold licences for gold, diamonds, etc. For example, Cheng Li Trading (gold) is ~40% owned each by Zengcai Li and Meng Chengzhou (Chinese nationals) with 20% Pan Hongxin; Wongor Investments(gold) is owned by Shao Guolong (51%) and Liang Xiaohao (49%). Small-scale players like KaSino Mining (rutile/ilmenite) and Sierra Diamonds Ltd (an ASX-listed diamond company, parent Newfield Resources) paid only licence fees or export duties (e.g. KaSino paid ~$0.13M in licence fee in 2021).
These figures come primarily from Sierra Leone’s EITI reports, which reconcile company payments with government receipts. The table below summarises recent government revenue from the largest companies. Note that corporate tax and royalty payments vary widely by company and year, and some companies (notably African Minerals/Tonkolili) suspended payments after shutting down.
| Company (Commodity) | Licence/ML# | UBO / Major Shareholders (Nationality) | 2019 Tax (US$) | 2019 Royalty (US$) | 2020 Tax (US$) | 2020 Royalty (US$) |
|---|---|---|---|---|---|---|
| Sierra Rutile Ltd(rutile/ilmenite) | ML-2134 (mineral sands, Moyamba/Bonthe) | Iluka Resources Ltd (Australia) – acquired 2016 | 7,598,260 (CIT) | 6,129,670 | 4,531,977 (CIT) | 6,516,306 |
| Koidu Holdings(diamonds) | ML-06/95 (Kono) | Steinmetz/“Balda” Foundation (Israel/France) | 0 (no CIT reported) | 6,327,659 | 13,404,044 (CIT) | 7,400,104 |
| Sierra Min. Hldgs No.1 Ltd(bauxite) | Mining Lease ML-01/05 (Bonthe – SLALCO area) | Global Aluminium Ltd (through Olga Volokhova – Israel) | 1,443,363 | 1,891,464 | 228,574 (CIT) | 1,306,787 |
| Kingho Mining Co. Ltd (coal) | ML-01/2020 (Small Coal) | Wa Hing Fok (Hong Kong) – 100% | – (no CIT) | – (no royalty) | – (no CIT) | – (no royalty) |
| Dayu Mining Co. Ltd (gold) | ML-1/2018 (Northern) | Zhao Yun (China) – 100% | 0.69M (mostly licence) | 0.145M | 0.65M (licence etc) (CIT) | – (none) |
| Meya Mining Ltd (diamonds) | ML-2/2019 (Kono) | Trustco Ltd (Namibia, 51%) + Ibrahim S. Kamara (SL, 49%) | ~0.00 (expensed) | – | 0.49M (licence fee) | – |
| Tonguma Mining Ltd(gold) | ML-02/2012 (Kono) | Steinmetz/“Balda” family (same as Koidu) | – | – | 0.69k (some licence fees) | – |
| KaSino Mining Co. Ltd(rutile/ilmenite) | SML-10/2019 (Lunsar) | Not publicly disclosed | – | – (no royalty) | 0.125M (licence fee) | – |
| Sierra Diamonds Ltd(diamonds) | ML-2/2018 (Eastern) | Newfield Resources (ASX, Australia) (listed) | 1,106,519 (CIT/license) | – | – (no data) | – |
Sources: Payment figures from Sierra Leone’s EITI reports (tax receipts by company); ownership from corporate disclosures/EITI (see Beneficial Ownership annex).
2019-12-31Sierra Rutile (Tax$7.60M, Royalty$6.13M)2020-12-31Sierra Rutile (Tax$4.53M, Royalty$6.52M)2019-12-31Koidu Limited (Tax$0, Royalty $6.33M)2020-12-31Koidu Limited (Tax$13.40M, Royalty$7.40M)Company Tax and Royalty PaymentsShow code
Note: Data gaps exist. EITI disclosure covers formal license-holders but omits many artisanal miners. Some companies (e.g. African Minerals/SI Mining – Tonkolili iron ore) have no recent payment data due to suspension of operations. The figures above exclude smaller levies (surface rents, community development levies) which are relatively minor (<1–2% of payments). Any discrepancies (e.g. timing of reported receipts) are noted in source reports. Where companies are listed (e.g. Sierra Rutile, Sierra Diamonds), we cite published ownership.
Sources: Sierra Leone Ministry of Mines/EITI reports (2020–21) and company disclosures. Tax and royalty data from the SLEITI Annexes; ownership/UBO data from EITI Beneficial Ownership disclosures and press releases.
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