IFC invests $60 million in Sierra Rutile to support expansion
2019-07-05 10:48:16 [Print]
On July 1, IFC, a member of the World Bank Group, announced a $60 million investment in Iluka Resources' Sierra Rutile Limited to partner with the resources company as it expands its operations in Sierra Leone.
IFC's equity investment will support Sierra Rutile's major expansion, which seeks to approximately double its rutile production in Sierra Leone from the current 150,000 tons per year and extend the life of its mine to at least 2035, providing local jobs and economic benefits for decades to come.
IFC will also work with Sierra Rutile to increase its positive impact on local communities. A three-year advisory services agreement between IFC and Sierra Rutile will help the mining company implement a new community investment and engagement strategy, improve the transparency and use of community-managed mining revenues, and develop a women and youth social and economic empowerment program.
IFC will make an initial investment of $20 million to fund Sierra Rutile Limited's existing operations and then a further $40 million to support its ambitious expansion plans, which must comply with IFC's Performance Standards. IFC's total $60 million investment will represent a 10 percent stake in the company.
IFC's equity investment will support Sierra Rutile's major expansion, which seeks to approximately double its rutile production in Sierra Leone from the current 150,000 tons per year and extend the life of its mine to at least 2035, providing local jobs and economic benefits for decades to come.
IFC will also work with Sierra Rutile to increase its positive impact on local communities. A three-year advisory services agreement between IFC and Sierra Rutile will help the mining company implement a new community investment and engagement strategy, improve the transparency and use of community-managed mining revenues, and develop a women and youth social and economic empowerment program.
IFC will make an initial investment of $20 million to fund Sierra Rutile Limited's existing operations and then a further $40 million to support its ambitious expansion plans, which must comply with IFC's Performance Standards. IFC's total $60 million investment will represent a 10 percent stake in the company.
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