Leone Asset Management has signed a memorandum of understanding (MoU) to acquire the lease for a second granite quarry in Sierra Leone.

The 25-year lease also gives the company operational and managerial control of the quarry, with options to renew for the same term.

The new property is expected to include around 400 acres of granite, while Leone Asset will receive 80% of the profits generated from the site, as part of the deal.

Leone Asset Management president Tony Khodadad said the company is announcing the signing of a second MoU with a new quarry location in Sierra Leone.

"There is a very large demand for granite in Sierra Leone as well throughout West Africa due to tremendous infrastructure development," Khodadad added.

"We are quite pleased with our relationships and the structure of the projects and feel that the development of these new assets will yield substantial profits to our bottom line and will increase shareholder value considerably."

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The company is planning to complete all final due diligence, as well as the acquisition within 15 days.

In January 2014, the firm has signed a MoU to acquire operational rights of a 89.4-acre granite quarry in Sierra Leone.

Leone Asset Management, a subsidiary of Sierra Leone, operates as a government contractor, as well as includes subsidiaries that operate in real estate and development, mining exploration and export and agriculture related projects.