Minister of Mines and Mineral Resources, Foday Rado Yokie told newsmen that the cancellation is due to the company’s failure to comply with its mining agreement.
It can be recalled that since his election last year, President Julius Maada Bio has been reviewing mining contracts and considering changes to the law that would ensure the country benefits from its natural resources.
Following this move, major companies operating in the country, including China’s Shandong Iron and Steel, which owns the Tonkolili project and Gerald Group owns SL Mining which operates in the Marampa region have been touched.
It is also worthy to note that mining operations of SL Mining in the country were recently suspended and that forced the company to file for arbitration over the matter in the ICC.
In July also the government imposed a ban on exports from the company's Marampa mine, saying it had failed to maintain the mine's agreed work schedule or make royalty payments, accusations the company denied.