Ecobank mobilises USD 65 million to power Sierra Leone’s mining growth

At Mining Indaba 2026 in Cape Town, Ecobank Sierra Leone announced two landmark financing deals worth a combined USD 65 million, reinforcing the growing role of African capital in unlocking the continent’s mineral potential.

The bank has structured a USD 40 million strategic facility for Sierra Rutile Limited and a USD 25 million financing package for Meya Mining Limited. Together, these transactions accelerate beneficiation, strengthen supply chains, and position Sierra Leone as a rising force in global rutile and diamond markets.

Accelerating Rutile Production Through Intra-African Collaboration

The USD 40 million transaction with Sierra Rutile Limited will fund the acquisition and relocation of the Kwale Mineral Sands Processing Plant from Kenya to Sierra Leone. The move supports the Sembehun Project, one of the world’s largest and highest-grade rutile operations.

Led by Ecobank Sierra Leone with support from Ecobank Ghana, the agreement represents a pivotal shift in the African mining landscape.

Rutile is a critical mineral essential for the aerospace, medical, and advanced manufacturing sectors. By securing the future of the Sembehun Project, the transaction strengthens Sierra Leone’s position as a primary supplier in the global titanium feedstock market and enhances long-term supply stability for international industries.

The deal also marks the first transaction of its kind in Sierra Leone’s banking history. It demonstrates the financial maturation of the local market and underlines that African institutions like Ecobank have the balance sheet strength and technical expertise to lead complex, risk-sharing transactions that were previously dominated by international banks.

Importantly, the project follows 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, lowers the carbon footprint associated with industrial production, and accelerates project timelines. It also provides a practical example of the African Continental Free Trade Area in action.

Driving Diamond Sector Growth and Responsible Production

In parallel, Ecobank Sierra Leone Limited, with support from Ecobank Ghana Plc, announced a USD 25 million financing package for Meya Mining Limited.

The funding will enable the purchase and installation of advanced diamond processing equipment, mining vehicles, and supporting infrastructure. This positions Meya to scale operations responsibly and efficiently as it transitions into full commercial production.

By supporting responsible diamond production, the transaction strengthens compliance with international standards such as the Kimberley Process, enhances local employment opportunities, and contributes to national beneficiation initiatives. It reinforces Ecobank’s alignment with Sierra Leone’s broader development agenda.

The Meya Mining transaction is expected to stimulate local supply chains by routing payments through Sierra Leonean accounts, create and sustain more than 400 direct jobs and thousands of indirect jobs, with over 90 percent of employees sourced locally, and strengthen Sierra Leone’s position in the global diamond industry through traceable, responsibly mined stones. It also encourages further investment in beneficiation, including cutting and polishing, to maximise national value capture.

Leadership Perspectives on a Transformative Moment

Sebastian Ashong-Katai, Managing Director of Ecobank Sierra Leone, emphasised the significance of the deals:

“The Sierra Rutile transaction is a powerful demonstration of Ecobank’s pan-African network in action. 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. Our support for Meya Mining shows that domestic capital can mobilise to support key projects that will drive local value addition, employment and growth.”

Sierra Rutile CEO Lima Sufian-Kargbo added:

“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.”

Meya Mining Limited CEO Jan Joubert highlighted the timing and impact of the support:

“Ecobank’s support is especially valuable amid current challenges in the diamond market. This highlights the distinct geo-economic potential presented by the Meya deposit in Sierra Leone and further enhances the Company’s vision of what the future holds. Ecobank’s facility will support the mine’s shift to commercial production, following an investment of more than US$100 million from shareholders in resource and initial mine development.”