A team from the Mines Ministry and the National Minerals Agency (NMA) is presently in London in talks with OCTEA Mining to discuss whether the company needs a new owner or pay off its debts and work in accordance with the agreement it has with the Government. Government wants to withdraw the company’s License because the company owes the Government and local contractors about US$17 million. Minkailu Mansaray, Minister of Mines and Mineral Resources led the delegation and the discussion began on Tuesday.
OCTEA Mining a unit of BSG Resources Ltd owned by Israeli Billionaire Beny Steinmetz was informed that if it does not settle debts with the government and local contractors, it may lose its license.
The company said it was based on misinformation between its previous management and government and was going to address any concern the Government had.
The company owes National Petroleum Company about $6 million and is struggling to pay off the debt. It also owes Standard Chartered Bank and Tiffany & Co the US jewellery retailer. The company needs about $80million to undertake underground mining
In its Koidu project.
An official with knowledge of the talk said the Chief Executive Officer (CEO) of OCTEA Richard Brett visited Sierra Leone in the third quarter of this year and had discussion with Minkailu Mansaray. This meeting in London is a follow-up of that meeting in Freetown, the source said.
The talk will determine whether the Koidu mine will get a new owner soon or not. Already the Mayor of Koidu New Sembehun City Council (KNSCC) Emerson Lamina has threatened to file a law suit against the company over property tax.
Kono District has produced some of the World’s best stones including the Star of Sierra Leone almost 1,000 carats, the 3rd largest diamond so far, discovered in the world in 1972.
Friday November 20, 2015
ADVERTISEMENT