Ecobank to invest USD65m in Sierra Leone’s rutile and diamond deals
During this year’s Investing in Africa Mining Indaba, Ecobank made a commitment to investing in Sierra Leone’s industrial growth, successfully mobilising USD 65 million across two landmark deals, signaling a new era of African-led financing for the continent’s critical mineral and diamond sectors.
Key Highlights of the $65M Deal:
- Sierra Rutile ($40M Facility): Funding a “reuse and relocate” model to move a mineral sands processing plant from Kenya to Sierra Leone. This reduces capital expenditure and carbon footprint while securing a primary node in the global titanium market.
- Meya Mining ($25M Package): Supporting the transition to full commercial diamond production with advanced equipment and infrastructure.
- Economic Impact: The deals are expected to create over 400 direct jobs (90% local) and stimulate local supply chains by routing payments through domestic accounts.
- A Financial First: This marks the first transaction of its kind in Sierra Leone’s banking history, proving that pan-African institutions like Ecobank can lead complex, high-stakes mining deals previously reserved for international banks.
This move underscores Ecobank’s commitment to local beneficiation and the practical application of the AfCFTA by bridging continental gaps through cross-border financing.
