On Monday, Sierra Leone's government claimed that it has revised its agreement with diamond miner Koidu Holdings as part of a wide review of mining pacts, in effect doubling its share in profits to 60 percent.
This new review is a movement made after the government made a promise when taking office in 2007, to tilt efforts towards improving mining profits.
Mining Minister for the country, Alpha Kanu, explained: "The agreement has put us on a stronger footing as Koidu Holdings was having 70 percent of the share of benefits while the government had only 30 percent,”
"But the new agreement will allow the government to realise a 60 percent share of all net benefits," he said.
Koidu Holdings is privately owned by international investment group BSG Resources Limited which has offices in Johannesburg, South Africa and London, UK.
Under the new agreement, the government will receive an additional $18 million (£11.7 million) every year as part of the new agreement. Koidu Holdings will also be required to provide $100,000 (£64,787) annually to train Sierra Leoneans in mining skills.
Also under new terms is the rent, which has also increased from $50,000 (£32,400) to $200,000 (£129,602) per year.
Minister Kanu said that royalties for all mining companies had been increased from just 3 percent to 6.5 percent. Export duties also rose from 4 percent to 5 percent.
According to Kanu, during the first half of 2010, an average of $10 million (£6.5 million) worth of diamonds was exported into Sierra Leone per month.
The West African nation is rich with mineral resources and has made progress in cleaning up its diamond industry after its decade-long civil war which was fuelled by the illicit trading of "blood diamonds".