Section 155, The Mines and Minerals Act, 2009

(1) The chargeable income for any year of assessment ofa holder of a large-scale mining licence shall be calculated separately for each large-scale mining licence under which licence such holder shall maintain separate balance sheets, statements and books of accounts for each large-scale mining licence under which mining operations are carried on. (2) A holder of a mineral right, other than a large-scale mining licence may elect, by informing the Commissioner of Income Tax in writing, to have the provisions of the subsection (1) apply to him in respect of his mineral right. (3) A holder of a mineral right to whom this Act applies may, on application for the relevant mining licence, elect to maintain his accounts and be assessed for taxation and other Government impositions in United States Dollars and such holder shall, for the duration of the licence, account in, and make all payments to the Government in that currency. (4) Notwithstanding the provisions of subsection (1), a holder of a large-scale mining licence may, with the Minister’s approval, deduct exploration expenditure in determining chargeable income attributable to any large-scale mining licence provided the expenditures were incurred by the licence holder on reconnaissance and exploration licences within Sierra Leone.