Iron ore exports will boost Sierra Leone’s economy in 2012

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Sierra Leone’s economy is predicted to grow by 50 percent next year as iron ore export revenues go into full swing. African Minerals Ltd (AML) shipped its first batch of iron ore on November 4th. A shipment of 40,000 meric tons of ore was sent to Shandong Iron and Steel Group in China. It has signed a deal of $1.5 billion for 25 percent ownership of AML.Shandong is the world’s ninth largest producer of steel. London Mining Plc another iron ore entity in Sierra Leone will start exporting next year.

Sierra Leone’s finance minister, Samura Kamara said that the country’s inflation rates will be reduced to single digit by 2014. “By 2015 we should be working towards a surplus budget, Kamara said. 

The current deficit is estimated at 1.1 trillion leones. Nest year the government plans to spend 395 billion on the road construction and 206.3 billion on water and energy and 6.3 billion to rehabilitate lungi international airport.