January 13, 2021
Management of Kingho Investment Company Limited have on Friday joined officials of the mining and minerals sector of Sierra Leone to sign the railway and port lease agreement that will ensure the company’s subsidiary- Kingho Railway and Port Company Limited utilize the infrastructure for their iron ore transportation in the country. It should be noted that the Railway and Port is now the asset of the Government and the People of Sierra Leone.
The 192 kilometer railway facility which stretches from the new Iron Ore mines in Tonkolili District to the port town of Pepel in Port Loko District is owned by the Government of Sierra Leone (GoSL). In order to enhance effective transportation of the iron ore from the mining site in Tonkolili to be transported out of the country, Kingho has to lease the railway and port facilities from the GoSL.
Against this backdrop, the Government of Sierra Leone through the Ministry of Mines and Mineral Resources and the National Minerals Agency (NMA) today signed the lease agreement granting Kingho Railway and Port the right to operate the railway and port facility for the transportation of Iron Ore out of the country. Kingho Railway and Port Company Limited will also commercialise the use of the railway and port to other potential users along the railway and port corridor after completion of Multi-Million Dollar restoration and expansion work.
Shortly after the event which took place at the Ministry of Mines and Mineral Resources, Chief Executive officer (CEO) of Kingho Investment Company Limited, Gilbert Zhao expressed on behalf of the Board of Directors and Management of Kingho Sierra Leone his sincere thanks and appreciation to every single government official who has worked so hard for the successful signing ceremony.
“The fulfillment of this agreement proves that Kingho is here to do business and in the right way,” Gilbert stressed whilst adding that “the company is trying to build a solid foundation of our success on compliance to all government and local regulations and laws and in a transparent manner for the benefit of the company and the people of Sierra Leone.”
As a result, Kingho Railway and Port Company Limited will work strictly under the guidelines of the agreement and to fulfill all its obligations.
Minister of Mines and Mineral Resources, Timothy Kabba during the ceremony briefly said that the lease signing agreement is a way of showcasing government’s support to enabling a very good working atmosphere for investors.
Meanwhile, It could be recalled that in September 2020, the Government of Sierra Leone through the Ministry of Mines and Mineral Resources handed over the New Tonkolili Iron Ore Project to Kingho Mining Company Limited. Both Kingho Mining Company Limited and Kingho Railway and Port Company Limited are subsidiaries of the parent body Kingho Investment Company Limited which itself is headed by the CEO Gilbert Zhao.