Sierra Rutile Suspends Operations in Sierra Leone Amid Fiscal Discussions with the Government

Sierra Rutile has announced the temporary suspension of its operations in Sierra Leone, effective March 11, 2024, to facilitate discussions with the government regarding a mutually acceptable fiscal regime.

Employees have been instructed to stay at home, except for a minimal skeleton staff, including security personnel tasked with protecting the company’s assets, as per a notice signed by Barry Honnah, the Human Resource Manager.

Global market conditions have significantly impacted rutile demand and pricing dynamics, prompting the need for strategic adjustments in production plans and cost structures. This suspension enables Sierra Rutile to realign its business strategies, ensuring long-term sustainability and competitiveness.

Earlier this year, the Minister of Finance, Sheku Fantamadi Bangura, informed the company of the government’s decision to reverse a 2001 agreement that provided tax incentives to support the company’s operations.