Sierra Leone
Sierra Leone Mines and Minerals Development and Management Corporation Act
Act 22 of 2023
- Published in Sierra Leone Gazette 37 on 15 June 2023
- Assented to on 24 April 2023
- Commenced on 15 June 2023
- [This is the version of this document from 15 June 2023.]
Part I – Preliminary
1. Interpretation
"Board" means the Board of the Corporation established under section 3;"Chairman" means the Chairman of the Board;"Corporation" means Sierra Leone Mines and Minerals Development and Management Corporation established under section 2;"Minister" means the Minister responsible for finance;"Project Company" means a company incorporated under the Companies Act, which shall be wholly owned by the Corporation referred to in section 15."state" means the Republic of Sierra Leone.Part II – The Sierra Leone Mines and Minerals Development and Management Corporation
2. Establishment of Sierra Leone Mines and Minerals Development and Management Corporation
3. Board of Corporation
4. Tenure of members
5. Meetings of Board
6. Disclosure of interest
7. Immunity of members
8. Committees of Board
9. Functions of Board
10. Remuneration of members
The non-Statutory Members of the Board and any other person co-opted by the Board under subsection (8) of section 5 shall be paid such remuneration, fees and allowances approved by the Board and shall be reimbursed by the Corporation for expenses incurred in connection with the discharge of their functions.11. Decisions of Board
12. Validity of proceedings
The validity of a proceeding of the Board shall not be affected by a vacancy amongst the members or a defect in the appointment of a member.Part III – Objects and functions of the Corporation
13. Object of Corporation
The object of the Corporation is to carry out, through a project company, minerals and mining development, management and related and associated activities on behalf of the Republic of Sierra Leone, in accordance with the Mines and Minerals Development Act or any other Act.14. Functions of Corporation
15. Project company
A project company incorporated by the Corporation under paragraph (a) of subsection (1) of section 15 shall be wholly owned by the Corporation and shall—16. Cooperation with other government agencies
17. Reservation and allocation of mineral assets
Part IV – Administrative provisions
18. Executive Director
19. Duties of Executive Director
20. Other staff
Part V – Financial provisions
21. Funds of Corporation
22. Borrowing powers of Corporation
Subject to the approval of Parliament and in accordance with the laws of Sierra Leone, lire Corporation may borrow such funds as may be required for the discharge of the functions of the Corporation under this Act.23. Powers to open and operate bank accounts
The Corporation may, subject to the laws of Sierra Leone, open and operate bank accounts as are necessary for the performance of the functions of the Corporation.24. Estimates of income and expenditure
25. Application of Corporation funds
The funds of the Corporation may be applied for the performance of the functions of the Corporation in accordance with the annual budgetary estimates for each financial year.26. Declaration of earnings
The Corporation shall within three months after the end of each financial year declare to the Board the earnings from the Project Company, undertakings, joint ventures or public private partnerships entered into by the Corporation.27. Financial year of Corporation
The financial year of the Corporation shall be same as the financial year of Government of Sierra Leone.28. Accounts
The Corporation shall keep proper books of accounts and all records relating to the transactions and affairs of the Corporation.29. Audit
The Auditor General or an auditor appointed by the Auditor General shall, in each financial year, audit the accounts of the Corporation.30. Annual and other reports
Part VI – Miscellaneous
31. Regulations
The Minister may, upon the recommendation of the Board, by statutory instrument, make regulations for giving effect to the provisions of this Act.History of this document
15 June 2023 this version
Published in Sierra Leone Gazette 37
Commenced
24 April 2023
Assented to
Cited documents 0
Subsidiary legislation
Title
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Date
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Sierra Leone Mines and Minerals Development and Management Corporation (Allocated Minerals and Mineral-Related Assets) Regulations, 2024 | Statutory Instrument 11 of 2024 | 7 August 2024 |