Ecobank Finances Major Mining Expansion for Sierra Rutile

Ecobank Sierra Leone, with support from Ecobank Ghana, has announced two major financing deals for mining companies Sierra Rutile and Meya Mining, in agreements that include a $40 million senior secured loan facility for Sierra Rutile Limited and $25 million for Meya Mining. 

The funding would enable Sierra Rutile to relocate a mineral sands processing plant from Kenya to Sierra Leone, and Meya Mining to support its transition to full commercial diamond production.

According to Ecobank, these deals demonstrate the growing maturity of Sierra Leone’s financial sector and the ability of African banks to lead complex, cross-border transactions traditionally handled by international lenders.

Sierra Rutile Secures $40 Million for Sembehun Expansion

Image: Representatives from Ecobank, Sierra Rutile and Meya Mining signing the agreement

The Sierra Rutile loan facility, signed during the 2026 Mining Indaba, is the first phase of a planned $70 million syndicated loan led by Ecobank Sierra Leone with support from Ecobank Ghana. 

It will enable the acquisition and relocation of the Kwale mineral sands processing plant in Kenya to Sierra Rutile’s Sembehun project in southern Sierra Leone.

Sierra Rutile said the move will reduce capital expenditure for the project from an estimated $310 million to about $120 million, cutting costs by more than 60% and accelerating the project’s path to production.

Sembehun is home to one of the world’s largest and highest-grade natural rutile deposits. 

Rutile is a critical mineral used in aerospace, medical equipment and advanced manufacturing, and Sierra Rutile is currently the world’s leading producer.

“This partnership with Ecobank allows us to structure and execute a capital-efficient transition to the Sembehun project, ensuring the long-term sustainability of our operations,” said Sierra Rutile Chief Executive Officer Lima Sufian-Kargbo. 

“It is a vote of confidence in Sierra Leone’s mining sector and in the capacity of African financial institutions to structure world-class mining deals,” he added. 

Once operational, Sembehun is expected to produce about 175,000 tonnes of natural rutile annually and extend Sierra Rutile’s mine life by at least 14 years, the company said.

Ecobank Backs Meya Mining With $25 Million Diamond Facility

Ecobank also announced a $25 million financing facility for Meya Mining, one of the leading diamond mining companies in Sierra Leone. 

The $25 million funding by Ecobank Sierra Leone will enable Meya Mining to purchase advanced diamond processing equipment, mining vehicles and supporting infrastructure. 

Ecobank reiterates that the funding would allow the company to scale operations responsibly as it enters commercial production.

Meya Mining Chief Executive Jan Joubert said the loan facility would support the company’s transition following more than $100 million in shareholder investment in resource development and mine infrastructure.

“Ecobank’s support is especially valuable amid current challenges in the diamond market,” Joubert said. 

“It highlights the geo-economic potential of the Meya deposit and strengthens our vision for long-term production in Sierra Leone,” he added. 

Government Welcomes Deal as Signal to Investors

Image: Julius Daniel, Minister of Mines, Sierra Leone

Sierra Leone’s Minister of Mines and Mineral Resources, Julius Daniel Mattai, said the agreement signalled the country’s readiness to attract large-scale mining investment.

“This collaboration between a leading African bank and a premier African miner proves that we have the leadership, the laws and the partnerships to drive transformation,” he said at the signing ceremony. 

“It sends a clear message that Sierra Leone is a stable and competitive jurisdiction for mining investment,” he added. 

Jobs, Compliance and Local Beneficiation

Ecobank said the Meya financing would support responsible diamond production in line with international standards such as the Kimberley Process, while strengthening local employment and supply chains. 

The two projects, Meya Mining and Sierra Rutile, are expected to create more than 400 direct jobs and several thousand indirect jobs, with over 90% of employees sourced locally, the bank said.

Sebastian Ashong-Katai, Managing Director of Ecobank Sierra Leone, said the deals showed the bank’s pan-African network in action.

“We are not just providing capital; we are bridging continental gaps by facilitating complex logistics and cross-border financing required to move critical industrial assets from Kenya to Sierra Leone,” he said. 

“By leading this deal domestically, we are demonstrating that Sierra Leone’s financial infrastructure is ready for large-scale, long-term investment,” he added.