Sierra Leone's mining and petroleum sector has made a significant recovery since the end of its 11-year civil war in 2002. The nation's vast mineral resources include gold, rutile, ilmenite, iron ore and bauxite, as well as diamonds. Mining accounted for almost 60 percent of exports in 2010, with diamonds contributing 65 percent of that total, but the sector has suffered recent setbacks in both the diamond and rutile industries, contributing to a 13 percent decline in the GDP of the industrial sector from 2008 to 2009. Overall, the economy recorded GDP growth of 4.9 percent in 2010, representing an improvement after the 2009 drop to 3.2 percent.
Read more ...
Sierra Leone has a long history of mining as its major economic activity. For years it was referred to as the "Land of Iron and Diamonds." The country is endowed with vast and varied mineral resources, including diamonds, gold, rutile, ilmenite, zircon, iron ore, bauxite and petroleum, but it has not managed to exploit their potential, due partly to the 11-year civil war that ended in 2002. Before the war, the mining sector contributed 70 percent of foreign exchange earnings, 20 percent of the nation's GDP and 15 percent of fiscal revenues.
Read more ...
