Metals iO targets increased funding to develop gold,metals mining projects in West Africa
By Onome Amuge
Metals iO, a diverse and inclusive global mining company headquartered in New York City, United States, and focused on exploration and development projects in Sierra Leone, has announced plans to raise further funds to explore compelling gold and critical metals projects in the West African country.
In a statement made available to Business a.m,the company explained that it is currently raising capital to scale its Sierra Leone-based gold projects to production over an 18-month period and to acquire strategic West African critical metal projects.
According to Metals iO,Sierra Leone’s mining sector is largely underexplored and underdeveloped, while it boasts a stable mining friendly government, transparent mining policies, clean hydro power infrastructure, and asphalt roads that provide access to all mining regions.
To this end, the company registered its commitment towards a strategic solution to the country’s mining challenge.
The company,which is currently in discussions with several potential investors, stated that it was extremely proud to be invited to the just concluded US-Africa Leaders Summit in Washington, DC on December where its wholly-owned gold company,Tresor Gold, was featured in the Prosper Africa Deal Room, which President Joe Biden highlighted at the
event’s highly coveted business forum.
In his keynote address, the U.S. president, affirmed his unwavering alliance and support for an economically stronger, more robust Africa by supporting policies that foster sustainable
human capital development through bolstering African trade and investment.
Speaking at the event, Tony Lawson, chief executive officer, Metals iO said the company is honoured to be part of Prosper Africa’s Deal Room, as well as part of the renewed conversations underpinning Africa’s importance to the global economy.
Lawson pointed out that exogenous factors such as Covid-19 and the Russian-Ukrainian War have exposed the fragility and interdependency of the company’s supply chains. He noted that strategic investments in Africa are a win-win for stakeholders if the U.S., its partners, and the private sector invest in and develop Africa to diversify supply chains and establish resource independence. This,he explained,will enable Africa to benefit from job creation, technical skill transfer, and continued gdp growth.
The chief executive further noted that the company’s almost eight years operation in Africa makes it uniquely positioned to support supply chain initiatives for metals that are essential to technology, manufacturing, and electrifying grids.
“Our highly experienced management team has operated in Sierra Leone for almost eight years, and we have achieved considerable success by acquiring compelling projects with Archean sulphide geology comparable to the mineral rich regions in Australia and Canada,” he added.
According to Lawson, during the Precambrian period, the same volcanic activity that created the greenstone belts of the Canadian Shield,which hosts many of Canada’s significant gold and electric vehicle metals like nickel, cobalt, and manganese, formed the West African Archean Craton that covers up to 70 per cent of Sierra Leone.
He, however, noted that the West African country is largely underexplored and underdeveloped when it comes to mining. To this end, he assured that Metals iO is making efforts on promoting commercial grade gold and critical metal projects in Sierra Leone and the West African region in general.
With business practices shaped by the World Gold Council’s Responsible Mining Principles and the UN’s Sustainable Development Goals, the company utilises geotechnical data and predictive analytics to identify areas of favourable mineralization, and then leverages their local knowledge and expertise to conduct due diligence through research of artisanal activity and soil sampling to structure effective drill programmes.