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Jun.20.2021 1USD=6.4361RMB
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SL Mining's Marampa Project Updates

http://en.steelhome.cn [SteelHome] 2021-05-12 14:24:00

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Gerald Group (Gerald), the worlds largest independent, employee-owned metals trading house, announced that the long-standing dispute between the Government of Sierra Leone (the Government) and SL Mining Limited (SL Mining) / Gerald Group (Gerald / the Group) has been amicably resolved in the best interests of the people of Sierra Leone, the Government and SL Mining/ Gerald Group. A binding agreement was signed by both parties on Friday, May 7, 2021.

In the spirit of the resolution, SL Mining / Gerald Group and the Government will withdraw their respective legal claims / allegations under both ICC and ICSID arbitrations, and both Gerald and the Government will provide full support to ensure a rapid commencement of mining operations.

The negotiated amicable out of court settlement entails broadly the following terms (amongst others):

-      All legal cases and /or allegations between the parties will be indefinitely withdrawn.

-      A new company ("NewCo") will  be  formed  wherein Gerald Group will  own 90 percent  interest and   the Government will own a 10 percent non-dilutable interest.

-      NewCo will take over all assets and rights of SL Mining, which include Marampa North, Marampa South, and all property plant and equipment.

-      Gerald has committed to increase materially the production of Marampa.

-      NewCo to begin operations by 1st of June 2021.

-      Gerald will have the immediate right to ship the current stockpile, which is ~707k tons of iron ore. Gerald will pay a fixed sum of USD 20 million in two instalments of USD 10 million prior to 31 December 2021.

-      Gerald / NewCo will negotiate during the course of May 2021 a new Mining Lease Agreement that will   be a win-win for the Government and Gerald.

Mr. Craig Dean, Gerald Groups Chairman and Chief Executive Officer, stated, I am delighted that we have been able to resolve our differences and have a fresh start and new beginning with the Government of Sierra Leone. I would like to thank His Excellency, President Bio, for personally working with me and the team to resolve this long- standing situation in the best interests of the people of Sierra Leone, the Government and Gerald Group / SL Mining. We look forward to a positive long-term working relationship.

Source: Gerald

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