Koidu Limited Denies Profiting From Currency Devaluation
Mine workers in Koidu report that wages are being reduced following currency fluctuations. Miners claim the company has been paying local staff in US dollars instead of the local currency. Since 2016, the exchange rate has shifted from 650 Leone per dollar to approximately 23.5 Leone per dollar. CEO Dag Cramer addressed the narrative regarding these pay practices. The dispute involves the economic impact of currency fluctuations on mining employees. He noted that the lowest-paid worker at Koidu received three times the national minimum wage. Cramer further asserted that working conditions at the mine are exceptionally good by both Sierra Leonean and broader African mining standards. The company faces accusations of inaccuracy from opposing sides regarding these claims. Both sides in the dispute currently accuse the other of inaccuracy regarding these claims.
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Sources · 7 independent
“and other miners say wages were being squeezed following a A c- If it comes down, you will see it again in your payslip. But early 2016, the exchange rate is fixed at 650. The dollar is not 650 in Sierra Leone. What is it now? It's something like 23.5 Leones. That is the policy. So miners say the company was profiting thanks to the falling value of the Leone. Coidu Limited categorically denies this.”
“Koydu Limited categorically denies this. Here's the CEO, Dag Cramer, again. a lot of the narrative out there.”
“So miners say the company was profiting thanks to the falling value of the Leone. Coidu Limited categorically denies this.”
“the lowest paid worker at Koydou was paid three times the national minimum wage going into this. And the working conditions at Koydou... will confirm that the conditions were exceptionally good”
“the lowest paid worker at Koydou was paid three times the national minimum wage going into this. And the working conditions at Koydou... will confirm that the conditions were exceptionally good, not only by Sierra Leonean standards, but by mining standards in Africa.”
“Coidu Limited categorically denies this. Here's the CEO, Dag Cramer, again. A lot of the narrative out there is convoluted. It's fake. It's wrong.”
“We were paying the local workforce in Sierra Leonean currency, which we were obliged to do by regulations in the country. The lowest paid worker at Coidu was paid three times the national minimum wage.”
“Koidu Limited categorically denies this. Here's the CEO, Dag Cramer, again. A lot of the narrative out there is convoluted. It's fake. It's wrong.”
“A lot of the narrative out there is convoluted. It's fake. It's wrong. This pegging to the dollar and so on is part of that narrative and there is no factual foundation for it.”
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