07 Aug 2012
Cosser's Star Mining starts work in Sierra Leone
Star Mining Ltd has been granted a 72 year lease to land in the Bagla Hills of Sierra Leone. The company is now starting its programme of community investment in Bagla Hills, the location of an estimated 3.2 billion tonne iron ore deposit, one of the most valuable resources deposits in the world.
The Bagla Hills deposit also contains diamonds, gold and bauxite.
Steve Cosser, Chairman of Star Mining said, “With our lease now firmly in place, we can move forwards with our projects in Bagla Hills.
“The government of Sierra Leone has now lifted its ban on mining so we can accelerate our plans for the mine. SRK are being appointed to carry out a Preliminary Economic Assessment so that we can define timescales and budgets for the mine.
“The Bagla Hills mine is only 30kms from the port at Sulima, which Star Mining has control of. This will make export of the ore very easy.
“However, as we have always said, our first priority will be to build the housing, school, hospital, roads and other infrastructure which the people of Bagla Hills so desperately need.”
Star Mining will shortly be raising funds before floating on the UK AIM market.