Gerald Group subsidiary SL Mining has halted iron ore exports from Sierra Leone's Marampa mine to comply with a request from the new mining ministry, which is reviewing the terms of the current license agreement, Gerald told Fastmarkets on Friday August 2.
Production at Marampa stopped on July 3 after a temporary suspension order issued by the new Minister of Mines and Mineral Resources, Foday Rado Yokie. The mine produces a high-grade iron ore concentrate of more than 65% of iron content. The first shipments were made in June this year and destined for China. Fastmarkets's iron ore 66% Fe concentrate cfr Qingdao index reached a five-year high of $125.12 per tonne on July 5 and was at $120.76 per tonne on August 2. "We can confirm that a temporary operating suspension imposed by the Minister of Mines (MoM) expired on July 24, following which the MoM requested that we do not export material, until they review compliance with our mining license agreement with...