Sierra Leone Extractive Industries Transparency Initiative

Since the end of the civil conflict in Sierra Leone, the mining sector has been expanding, contributing significantly to the economy. A good number of large-scale and small-scale companies are at present, investing in diamonds, rutile, bauxite, gold and iron ore. The oil and gas sector is also promising since the announcement of the discovery of oil in the deep water in 2009. The Government of Sierra Leone recently had a successful third petroleum bid round for the award of nine open offshore petroleum exploration block permits. With such continued investment, there is prospect for Sierra Leone becoming an oil producing country.

As these sectors gradually transform into the production phase, the issues of transparency and accountability become more critical to the citizenry. As part of the process in addressing these critical elements, the Sierra Leone Extractive Industries Transparency Initiative (SLEITI) has conducted a second reconciliation exercise in the mining and oil and gas sectors where companies and government entities disclosed payments and revenues for the period 2008-2010. The second Reconciliation Report provides information on companies and government entities that disclosed payments and revenues, the amount disclosed, the reasons for occurence of discrepancies and the recommendations put forward for remedial actions. Read details of the second Reconciliation Report.

To address the unresolved discrepancies, the Government and the Multi-Stakeholder Group set up a Taskforce and to also ensure that a supplementary report is provided showing the resolved discrepancies. The Supplementary Reconciliation Report has been provided and should be read alongside the second Reconciliation Report.

 

The discrepancies of US$8,335,846 have been reduced to US$1,352,363 and the Taskforce will continue to address the remaining discrepancies.

For more information, please refer to SLEITI 2nd Reconciliation Report(Click To Download)