Koidu Limited

Company

Vision

Management of Koidu Limited has developed a vision for the Company which guides all our decisions and actions. By striving to do what is right and good, our vision is to become the Company to host, to invest in and to work for in the Republic of Sierra Leone.

Key Facts
Sector:
Diamond Mining, focused on hard rock kimberlite operations
Country:
Republic of Sierra Leone
Ownership:
Koidu Limited is a subsidiary of OCTÉA Limited
Date of incorporation:
September 2003
Size of Company:
Mid-tier junior
Employees:
December 2020 – 1089 permanent employees, of which 80% are Sierra Leoneans. Additional 201 Sierra Leonean sub-contractors are being employed fulfilling various roles on site.
Projects/operations:
Koidu Kimberlite Project
  • Underground Operation
  • DZB-W Underground Operation
  • K2 Underground Design
  • XRT Project
Koidu Limited is committed to Diamond Best Practice Principles. Our diamonds have been produced from legitimate sources not involved in funding conflict and in compliance with United Nations Resolutions.  The Republic of Sierra Leone became a member of the Kimberley Process in 2003.

Operating Philosophy

Being an African-based Company, with over 95% of our workforce having grown up in Africa where the concept of Ubuntu was instilled in us from an early age, Koidu Limited has a natural tendency to want to be part of the community within which we operate and to contribute to the wellbeing of those around us.

This philosophy filters through to all aspects of our operations: the way our employees are treated, the initiatives we take to improve the lives of our community, the value we place in building strong relationships with those we are accountable to, and the respect we have for our environment, recognising that we are a part of the Koidu ecosystem and that our actions affect others, whether they be people, plants or animals.

The way we apply Ubuntu can be seen in the way we take care of our employees, our community and our environment, ever conscious that all decisions made must reinforce our objective of building operations that are economically and environmentally sustainable.

A person with Ubuntu is open and available to others, affirming of others, does not feel threatened that others are able and good, for he or she has a proper self-assurance that comes from knowing that he or she belongs in a greater whole and is diminished when others are humiliated or diminished, when others are tortured or oppressed.

Archbishop Desmond Tutu, 1999

One of the sayings in our country is Ubuntu – the essence of being human. Ubuntu speaks particularly about the fact that you can’t exist as a human being in isolation. It speaks about our interconnectedness. You can’t be human all by yourself, and when you have this quality – Ubuntu – you are known for your generosity.

We think of ourselves far too frequently as just individuals, separated from one another, whereas you are connected and what you do affects the whole World. When you do well, it spreads out; it is for the whole of humanity.

Archbishop Desmond Tutu, 2008

Project Location

Koidu Limited is a diamond mining company with kimberlite projects located in the diamond fields of eastern Sierra Leone.

Mining Lease

The Koidu Kimberlite Project, located within the Tankoro Chiefdom of the Kono District, measures approximately 4.9 km2 and hosts two small kimberlite pipes, No. 1 Pipe (“K1”) and No. 2 Pipe (“K2”), and four kimberlite dyke zones, along which four small blows or enlargements have been discovered.

Mineral Rights & Tenure

Koidu Limited holds one mining lease in the Republic of Sierra Leone: the Koidu Kimberlite Project.

Koidu Kimberlite Project

The Koidu Kimberlite Project mining lease, located within the Tankoro Chiefdom of the Kono District, measures approximately 4.9 km2 and hosts two small kimberlite pipes, No. 1 Pipe (“K1”) and No. 2 Pipe (“K2”), and four kimberlite dyke zones, along which four small blows or enlargements have been discovered. The Company inherited the initial 25-year mining lease agreement signed in 1995 from the previous mineral right holders. After the second successful post-war democratic election in 2007, when the All People’s Congress unseated the Sierra Leone People’s Party, elected in 2002, the new government undertook to review all mining agreements in the country. The Mining Review Process commenced in July 2008 and Koidu Limited’ mining lease for the Koidu Kimberlite Project was tackled first. A new mining lease agreement was entered into between the Republic of Sierra Leone and Koidu Limited on 6 September 2010. The term of the mining lease was extended to 22 July 2030 and may be renewed for a further period of 15 years.

Corporate Structure

OCTÉA Mining Ltd is the 100% shareholder of Koidu Limited. 

Corporate History

After the end of the civil war in the Republic of Sierra Leone in 2002 and once the country had joined as a participant of the Kimberly Process Certification Scheme in 2003, Koidu Limited was formed in 2003 and was the first commercial diamond mining company to invest in the development of the resource sector in the Republic of Sierra Leone, focusing initially on the kimberlite deposits at Koidu.

Growth Strategy

Koidu Limited’s management is dynamic and forward thinking, willing to try new approaches and implement difficult but achievable targets – we like a challenge.

With the Expansion Project completed in 2012 Koidu Limited started exploring further underground development opportunities of the different resources available on our property.

In 2016 Koidu transitioned from open pit to underground mining in the K1 resource, and with underground mining currently ongoing other resources on-site are being reviewed. 

In 2019 after completing feasibility studies on the Dyke Zone B West resource, underground dyke mining commenced and development of the resource is currently continuing.

Further feasibility studies are ongoing of the K2 resource including further dyke zone areas identified on our property.

We are also looking beyond the Koidu Kimberlite Project and considering other opportunities in the Republic of Sierra Leone, continuing to grow as a Company that our host country, Republic of Sierra Leone, will be proud of, that our communities will feel part of and that the world will recognize as an outstanding example of a good business that adds value to the economy, and improves the quality of life for many.