Sierra Leone’s Minister of Mines and Mineral Resources, Julius Daniel Mattai, has hailed a historic $40 million financing agreement between Ecobank Sierra Leone and Sierra Rutile Limited, aimed at expanding the country’s mining sector.
The deal was formalized on 10 February 2026 during the Investing in African Mining Indaba in Cape Town, with support from Ecobank Ghana.
The funding will support the transfer of a modern mineral sands plant from Kenya to Sierra Leone, creating jobs, boosting productivity, and empowering local communities.
Minister Mattai described the agreement as a “shared vision of partnership, confidence, and long-term commitment to the people and economy of Sierra Leone.”
The Sembehun Expansion Project, spearheaded by Sierra Rutile, now the first fully Sierra Leonean-owned large-scale mining company, is expected to deliver significant social and economic benefits, including employment opportunities, business growth, and infrastructure improvements for host communities.
Minister Mattai praised Ecobank for its investment, saying it reflects confidence in Sierra Leone’s reforms, stability, and investment climate under President Julius Maada Bio.
He emphasized that the project will follow strict Environmental, Social, and Governance standards.
Ecobank CEO Jeremy Awoyi called the agreement a “landmark for local banking” and a driver of economic growth, while Sierra Rutile Chairman Ing. Tunde Cole highlighted the Sembehun Deposit as one of the world’s largest natural rutile reserves.
Minister Mattai concluded the ceremony by affirming that the project represents not just a financial deal, but a commitment to building a future where Sierra Leone’s minerals benefit both global industry and local communities.
