Sierra Leone's bauxite sector eyes expansion via CTC Port project

In a groundbreaking development poised to transform the mining and shipping sectors in West Africa, Cosco Shipping Bulk Co., Ltd, CTC Mining (SL) Ltd, and Baometal Minerals International Trade Ltd have unveiled their collaboration on the ambitious CTC Port Loko Port Project. This trilateral pact represents a pivotal moment in advancing mineral resources and infrastructure in Sierra Leone and the wider region.

Cosco Shipping Bulk Co., Ltd, China's premier state-owned shipping enterprise, stands out with its expansive fleet dedicated to dry bulk shipping. The company is renowned for its exceptional proficiency in worldwide dry bulk cargo logistics and port operations and is a pivotal force in the industry.

CTC Mining (SL) Limited, headquartered in Sierra Leone, manages a significant bauxite resource project in Port Loko. With operations already commenced and initial shipments dispatched to China, the project is poised to reach an impressive annual production capacity. They start with 5 million tonnes in the first year, escalating to 6 million tonnes in the second year, and ultimately aim for a remarkable 10 million tonnes per year from the third year onward.

Baometal Minerals International Trade Ltd, headquartered in Hong Kong, contributes mineral and commodity trading expertise, enhancing the project's groundwork.

Establishing the CTC Port marks a transformative milestone for Sierra Leone, aiming to enhance its position within the global maritime logistics network and solidify its standing as a major exporter of bauxite. With a shipping capacity ranging from 15 to 20 million tons, the port terminal signifies a significant investment totalling around USD$200 million.

The project will progress through three phases, with the hydrographic survey already underway. Once finished, the CTC Port is poised to emerge as Sierra Leone's premier international port, boasting extensive bulk cargo handling and container transhipment capabilities.

The initial stage of the port is set to commence operations in the first quarter of 2025. This pivotal advancement marks a victory for the stakeholders involved and a substantial catalyst for Sierra Leone's economy. It is poised to elevate the nation's export capacities, notably within the bauxite sector, and establish Sierra Leone as a prominent figure in the maritime and mining sectors across West Africa.

As mentioned, the agreement was signed during the Sino-Sierra Leone Summit in Beijing. Present at the signing ceremony were the Honourable Chief Minister, Dr David Sengeh, the Honourable Minister of Foreign Affairs, Dr Timothy Kabba, and the Minister of Transport and Aviation, Ambassador Fanday Turay.

During his address, the Chairman of COSCO expressed profound gratitude to His Excellency President Julius Maada Bio and the Sierra Leonean government for their exceptional leadership and steadfast support. He emphasised that their efforts influenced COSCO's decision to undertake this significant project. Stressing the vital importance of the Chinese-Sierra Leonean relationship, he underscored its role in the current project and as a foundation for future bilateral accomplishments.

He articulated, "This collaboration transcends mere port construction; it's about forging connections between our peoples, fostering economic development, and laying the groundwork for mutual prosperity."

In his remarks, Hisham Mackie, the Chairman of CTC Mining SL, reiterated the commendations for President Bio, crediting the realisation of the project to his forward-thinking leadership and proactive governmental policies, which have fostered an inviting atmosphere for international investment. Mackie's address went beyond mere gratitude, vividly depicting the optimism and prosperity that Sierra Leone anticipates under President Bio's stewardship. "Through this endeavour, we are not simply extracting bauxite; we are extracting promise for the future of our nation," he declared, underscoring the anticipated transformative effects the project will bring to Sierra Leone's economic horizon.

The event also acted as a platform to convey appreciation to the Chinese leadership and the citizens of China for their generous hospitality and dedication to nurturing robust bilateral relations with Sierra Leone.