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In mineral‐rich regions of Sierra Leone, the diversification of livelihood portfolios is widespread and local actors have long pursued complex and dynamic strategies that involve the intertwining of farming and mining economies. This article examines recent evidence from two impoverished communities in the diamond‐ and gold‐producing regions of the country, where artisanal and small‐scale mining (ASM) operations dovetail with agrarian activities. On the one hand, the analysis suggests that income derived from ASM provides valuable investment funds for reviving the agrarian institutions and social networks that are vital to the post‐war rural economy. However, on the other hand, diminishing returns from diamond mining operations coupled with the institutional and policy challenges of the mining sector may also be responsible for persuading some individuals to abandon ASM and encouraging them to re …