Ecobank backs Sierra Leone mining growth

At Mining Indaba 2026, Ecobank Sierra Leone unveiled two major financing deals that highlight the growing role of African capital in supporting mining projects that promote local beneficiation, economic development and sustainable growth

The first transaction, concluded with Sierra Rutile Limited (SRL), the world’s leading producer of rutile, will finance the acquisition and relocation of the Kwale Mineral Sands Processing Plant from Kenya to Sierra Leone. The move supports the development of SRL’s Sembehun Project and represents a significant step in strengthening the country’s position within the global titanium supply chain.

In a second announcement, Ecobank revealed funding for Meya Mining that will support the acquisition and installation of advanced diamond processing equipment, mining vehicles and associated infrastructure. This investment will enable Meya to scale its operations responsibly and efficiently as it moves into full commercial production.

A milestone for Sierra Rutile and African mining finance

The Sierra Rutile transaction, led by Ecobank Sierra Leone with support from Ecobank Ghana, marks a turning point for the country’s mining and financial sectors.

Rutile is a critical mineral used across aerospace, medical and advanced manufacturing industries. By securing the future of the Sembehun Project, one of the world’s largest and highest-grade rutile deposits, the deal reinforces Sierra Leone’s role as a key supplier of titanium feedstock to global markets, ensuring long-term supply stability.

The transaction is also a first for Sierra Leone’s banking sector, demonstrating the maturity of the local financial market and the ability of African banks to structure and lead complex, risk-sharing deals that have traditionally been dominated by international lenders.

In addition, the project offers a practical example of intra-African trade under the African Continental Free Trade Area (AfCFTA). By reusing and relocating existing high-quality industrial assets from Kenya, rather than importing new equipment from outside the continent, the approach reduces capital costs, lowers carbon emissions associated with manufacturing and logistics, and shortens project timelines.

Supporting growth in Sierra Leone’s diamond sector

Alongside the Sierra Rutile deal, Ecobank Sierra Leone Limited, supported by Ecobank Ghana Plc, announced a US$25mn financing package for Meya Mining Limited. The facility reinforces the bank’s commitment to supporting sustainable development in Sierra Leone’s diamond industry.

The financing will strengthen responsible diamond production, support compliance with international frameworks such as the Kimberley Process, create local employment and contribute to national beneficiation objectives. It also aligns with Sierra Leone’s broader development strategy by linking financial solutions to long-term economic impact.

The transaction is expected to stimulate local supply chains through domestic payment flows, create and sustain more than 400 direct jobs with the majority sourced locally, and strengthen Sierra Leone’s standing in the global diamond market through traceable and responsibly mined stones. It also encourages further downstream investment, including cutting and polishing, to maximise value retention within the country.

Sebastian Ashong-Katai, managing director of Ecobank Sierra Leone, commented, "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."

"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," stated Sierra Rutile CEO Lima Sufian-Kargbo."

“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," said Meya Mining Limited CEO Jan Joubert.

"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."