Sierra Leone secures $40M investment to expand Sembehun Mineral Sands project

The Minister of Mines and Mineral Resources, Julius Daniel Mattai, is setting new benchmarks for Sierra Leone’s mining sector, positioning the nation as a top destination for African mining investment.

At the Investing in African Mining Indaba in Cape Town, South Africa, Minister Mattai facilitated a landmark $40 million syndicated financing agreement between Ecobank Sierra Leone and Sierra Rutile Limited (SRL).

The historic deal, formalised on 10 February 2026 with support from Ecobank Ghana, will fund the transfer of a state-of-the-art mineral sands plant from Kenya to Sierra Leone. The expansion aims to increase mining productivity, create sustainable jobs, and empower local communities.

Minister Mattai highlighted the broader impact of the project: “This is not just a financial agreement; it affirms a shared vision of partnership, confidence, and long-term commitment to the people and economy of Sierra Leone.” He praised SRL and Ecobank for their ambition, emphasizing the growing confidence in Sierra Leone’s reforms and investment climate.

The Sembehun development will generate quality jobs, support local entrepreneurs, and advance social infrastructure. “Beyond the numbers, this project is about our workers, mining communities, and young people seeking opportunities,” the Minister said.

Under President Julius Maada Bio, sector reforms, including the Mines and Minerals Development Act 2022, have positioned Sierra Leone as a transparent, predictable, and investor-friendly destination. Minister Mattai underscored that the signing demonstrates investment proceeding within a strong legal framework and Environmental, Social, and Governance (ESG) standards.

Sierra Rutile’s transformation into the first 100% Sierra Leonean privately owned large-scale mining company, following its acquisition by LeonoilCompany Limited in October 2024, highlights the potential of local capital and entrepreneurship in national development.

Ecobank CEO Jeremy Awoyi described the deal as a landmark for local banking and economic growth, while SRL Chairman Ing. Tunde Cole emphasized that the Sembehun Deposit is among the world’s largest natural rutile reserves, forming a foundation for globally competitive and sustainable mining.

Minister Mattai concluded: “Today’s signing is more than a contract; it is a statement of faith in Sierra Leone’s future, African capability, and the power of partnership. Let us build a future where our minerals fuel not only global industry, but also the hopes and opportunities of every Sierra Leonean.”

Through visionary leadership, Minister Mattai and the Government of Sierra Leone are ushering in a new era of responsible investment, sustainable development, and shared prosperity.