By Sylvester Samba.
The change of name from Kingho Investment Company to Leone Rock Metal Group was formally announced to pressmen on Tuesday 19th October, 2021. According to a press release issued to journalists, Kingho Investment Company was first established in Sierra Leone in July 2010, adding that the Company has strived over the years in transforming to a more integrated company.
“The change of name to Leone Rock Metal Group is along this trend to localize the company with a name that gives it a Sierra Leonean identity…Leone Rock Metal Group, as of now, is one of the largest resource investment companies in West Africa. LRMG remains the parent company of Kingho Mining Company and Kingho Railway & Port Company which are part of an integrated Iron Ore Mining-Railway-Port Handling and export group of companies…The asset encompasses an open pit Iron Ore Mine located in Ferengbeya, Tonkolili District and a 192 KM Railway and an integrated train discharge, ore processing and ship loading Port located in Pepel, Northwest Sierra Leone”, the release noted.
It further explained that during the past decade, the iron ore mining industry in Sierra Leone has witnessed Ebola outbreak, massive drop in iron ore price that pushed bigger companies to shutdown operation in the country. However, the release said the company held on and even increased investment by bringing the Tonkolili Iron Ore mine back into production, nothing that they also reactivated the railway and the Pepel Port. The release maintained that even during the COVID-19 pandemic, they paid in needed revenue to the Government through tax and royalty which shows the Company’s commitment to sustainable investment in Sierra Leone.
“Currently, Leone Rock Metal Group and its two subsidiaries (Kingho Mining Company and Kingho Railway and Port Company) and sub-contractors have employed over 2,000 Sierra Leoneans with a respectable and meaningful job…National employees are more than 98% of the total workforce in the company…We have created a safe working environment for our employees, medical insurance and monthly motivational incentives that has improved our employees retention ability…Our support to local content is visible by the list of national vendors and suppliers exceeding 80% of our overall suppliers…Leone Rock Metal Group currently has an investment of over 148.62 Million US dollars in Sierra Leone…We have exported over 1 million tons of Iron Ore3 between March 2021 and now…We have made payments of over 76.4 Billion Leones to the Government of Sierra Leone…We have made significant investment exceeding 1.8 Billion Leones into the community through our CSR projects covering health, agriculture, education, water and sanitation and also supported the Sierra Leone Police and Military in various ways…As journalists, you are very aware of some of the CDAP and CSR projects we have undertaken very recently…I want to use this opportunity to thank you all for your immense support in popularizing our activities…We see you all as vehicle which will market our idea. We trust in your professionalism to communicate the message and believe that with your commitment, the message that Kingho Investment Company is now LEONE ROCK MET AL GROUP will be shared t o all and sundry…In conclusion, my message to you all is; The name of the Kingho Invbestment Company is now Leone Rock Metal Group…The names of our subsidiaries; Kingho Mining Company and Kingho Port and Rail company remain the same and unchanged…All documentations bearing Kingho Investment company, which is our previous name, remain valid”, they release concluded.
