OCTOBER 22, 2014 By Victoria Saffa
Minister of Finance and Economic Development, Dr. Kaifala Marah, has told journalists in London that the country is experiencing partial economic embargo as a result of international isolation by some of her friends and supporting partners.
Dr. Marah was in London on talks concerning the potential sale of London Mining’s Marampa iron ore mine and he also used the visit to strengthen the government’s call for international assistance as the country’s economy is seriously depreciating.
He said government was keen to make sure that the mine continues operation after the company went into administration last week.
According to the Finance Minister, the government was serious about helping find a potential buyer for the mine, which employs thousands of locals and contributes immensely to the national economy since it began operations in 2011.
The minister said that the company’s value plummeted due to the Ebola outbreak and the fall in price of iron ore in the world market, adding that the company had flown all non-essential staff out of the country since the Ebola outbreak in May.
The Minister is expected in the country this week.
Last week, London Mining was forced to appoint administrators from Price Water Cooper to take care of the iron ore company, and is now in discussions with Timis Corporation and Indian firm JSW, which are both interested in buying the Marampa operation.