–The strategic facility funds the relocation of a processing plant from Kenya to Sierra Leone, extending mine life by 14 years and signalling a new era of financial sovereignty for African mining.
CAPE TOWN, South Africa – February 10, 2026 – Today at Mining Indaba 2026, Ecobank Sierra Leone and Sierra Rutile Limited (SRL) – the world’s leading producer of this essential commodity – officially announced a USD 40 million syndicated financing facility. The agreement, led by Ecobank Sierra Leone with support from Ecobank Ghana, will fund the acquisition and relocation of the Kwale Mineral Sands Processing Plant from Kenya to Sierra Leone.
This transaction is a pioneering example of intra-African industrial cooperation, designed to extend Sierra Rutile’s operations as it transitions to the Sembehun Project—home to one of the world’s largest and highest-grade rutile deposits.
Beyond the capital injection, this transaction represents a pivotal shift in the African mining landscape:
- Securing global supply chains: Rutile is a critical mineral essential for the aerospace, medical, and advanced manufacturing sectors. By securing the future of the Sembehun Project, this deal locks in Sierra Leone as a primary node in the global titanium feedstock market, ensuring long-term supply stability for international industries.
- Financial sovereignty & sophistication: Marking the first transaction of its kind in Sierra Leone’s banking history, this deal demonstrates the “financial maturation” of the local market, underlining that African financial institutions like Ecobank have the balance sheet and technical expertise to lead complex, risk-sharing transactions that were previously the domain of international banks.
- A blueprint for “smart” intra-African trade: The project utilises a “reuse and relocate” model, repurposing high-quality industrial assets from Kenya rather than importing new machinery from outside the continent. This approach reduces capital expenditure, significantly lowers the carbon footprint involved with industrial prodcution, and accelerates project timelines—a tangible example of the African Continental Free Trade Area (AfCFTA) in practice.
“This transaction is a powerful demonstration of Ecobank’s pan-African network in action,” said Sebastian Ashong-Katai, Managing Director of Ecobank Sierra Leone. “We are not just providing capital; we are bridging continental gaps by facilitating the complex logistics and cross-border financing required to move critical industrial assets from Kenya to Sierra Leone. By leading this deal domestically, we are demonstrating that Sierra Leone’s financial infrastructure is ready for large-scale, long-term investment.”
Sierra Rutile CEO Lima Sufian-Kargbo: “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. It is a vote of confidence in Sierra Leone’s mining sector and a testament to the capacity of African financial institutions to structure world-class mining deals.”
This deal highlights Ecobank’s versatility in supporting projects that drive regional integration and beneficiation. By financing the “reuse and relocate” model, Ecobank is championing a sustainable, cost-effective approach to mining development that keeps value within the continent.
About Sierra Rutile: With over 50 years operational history, Sierra Rutile Limited’s principal activities are in the operations of a multi-deposit mineral sands mining operation in southern Sierra Leone and is the largest producer of natural rutile in the world. Rutile is the highest-grade naturally occurring titanium dioxide (TiO2) feedstock used in the manufacture pigment for paints, plastics etc., titanium metal and welding electrodes.
The company has an established operating history of over 50 years at its Area 1 Concession, and, with the Sembehun Development, a future mine life of at least 14 years based on the Definitive Feasibility Study (DFS) published in April 2024.
Sierra Rutile is now a 100% Sierra Leonean owned company after it was acquired in October 2024 by Leonoil Company Limited, a company with strong presence in the petroleum sector.
