Leone Asset Management Subsidiary JP Anderson Ltd. announced that they have entered a Memorandum of Understanding (MOU) with the Nyingohun landholding family of Molendeh Village in the Nyawa Section of the Gbo Chiefdom in Sierra Leone, West Africa. The MOU agreement between the two parties is to undertake the business of quarrying, leading to the crushing of stone for infrastructure development in Sierra Leone and other countries in West Africa. JP Anderson will be operating a 500+-acre quarry location in the Bbo Chiefdom in Sierra Leone.

The quarry location has more than 100 million tons of stone to be crushed. The agreement is in place for 20 years with an additional 25-year option. The parties anticipate beginning operations in the first quarter of 2024.