Mining

At Mining Indaba 2026, Ecobank Sierra Leone announced landmark financing deals supporting rutile and diamond projects through African capital mobilisation.

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."

Customers can select their preferred base and coupling configuration, ensuring each SEW-EURODRIVE power pack is precisely matched to the application’s performance and reliability requirements. (Image source: SEW EURODRIVE)

Comprehensively supporting the mining sector with commodity-specific drive train solutions, SEW-EURODRIVE has cemented its reputation as a trusted partner to the industry - a testament to its customer-centric approach, says National Sales and Marketing Manager Jonathan McKey

“Twenty years ago, we secured our first major power pack contract for a platinum mine in Limpopo,” McKey recalls. “That project marked the beginning of our deep involvement in mining and today our gearboxes, motors and coupling combinations are operating in almost every mining environment across the continent.”

From platinum and gold to coal, copper and beyond, SEW‑EURODRIVE’s engineered drive train solutions have become integral to mission-critical applications, underscoring the company’s strong track record and ongoing commitment to the mining sector.

“As in every industry we serve, the success of our power packs lies in a systematic responsible approach that begins with a clear understanding of what the customer really needs,” McKey explains. “We don’t just develop application-specific solutions  - we take it a step further by building a sustainable cost effective supply chain and long term support ecosystem to back those solutions well into the future.”

McKey notes that SEW‑EURODRIVE takes a deliberate and strategic approach when entering new sectors, ensuring that each move is carefully planned, focused and sustainable. “We prioritise focus,” he says. “It is about understanding the landscape before we enter - not just from a technical standpoint, but also from a long term support and capacity perspective.”

With mining, the company’s journey began in the platinum sector, where SEW‑EURODRIVE developed gearbox solutions specifically engineered for the prevailing conditions on site.

“It was vital to understand the gear ratios, power requirements and velocities commonly used in platinum operations,” explains McKey. “That insight allowed us to rapidly grow our footprint in that segment expanding into neighbouring operations and quickly growing our customer base. From there, we moved into chrome mining.”

As SEW‑EURODRIVE expanded into new mineral commodities, it applied the same principle - understand the application first, then develop fit-for-purpose drive train systems. In chrome, this meant developing a new  stocking standardised gear ratios and power ratings for its power packs. When coal mining became the next target segment, the unique characteristics of that environment called for yet another redesign, this time with lighter material and faster conveyor speeds requiring adapted solutions.

“Today, we are arguably the dominant force in mining across Africa when it comes to industrial gearbox solutions,” says McKey. “That position wasn’t built overnight. It was the result of a highly informed, step-by-step expansion that has seen the company entering each commodity with a clear operational plan and investing heavily in building our local capacity to support it.”

That investment began with local assembly, first introduced at SEW‑EURODRIVE’s Nelspruit facility in 2006. Over time, this evolved into a significantly expanded local production and warehousing operation at the company’s head office in Aeroton, Johannesburg - where a Phase 2 expansion is now nearing completion.

Service and technical support have always been at the heart of SEW‑EURODRIVE’s value proposition, and the mining sector was no exception. “We knew early on that delivering quality products wasn’t enough - we had to match that with world class aftersales service,” McKey says. “That meant upskilling local service teams and embedding our global standards into everything we did on the ground.”

“Alongside our new designs, local assembly and upscaled stockholding, we brought in additional service staff and trained them extensively,” he continues. “We never enter a sector lightly. When we commit, we invest and this is to ensure every customer is fully supported across the entire lifecycle of their equipment.”

“Today, SEW‑EURODRIVE is not only a trusted partner for electro-mechanical drive solutions, but is also helping customers embrace smart mining with the introduction of automation and digital control technology,” McKey says.

“The traditional combination of motor, gearbox and fluid coupling for controlled start-up is evolving,” he notes. “Now, customers want flexible drive systems with precise speed control and the ability to adjust production rates on demand - and our technology is delivering that.”

In addition to its core gearmotor offering, SEW‑EURODRIVE also provides full open gearing solutions for mills and other critical applications. This includes girth gears, main mill motors and gearboxes, pinions and related components; all of which can be manufactured and delivered quickly, offering a reliable drop-in replacement for competitor systems.

Metso’s advanced Concorde Cell technology boosts flotation efficiency and concentrate-grade consistency at Lumwana project. (Image source: Metso)

Barrick Gold Corporation has chosen Metso’s Concorde Cell flotation technology for its Lumwana expansion project in Zambia’s North-Western Province

The Concorde Cell flotation cells will operate alongside the previously selected TankCell technology for the project.

Metso’s high-intensity Concorde Cell is an advanced solution for processing complex orebodies. Combining Concorde Cell with TankCell technology provides a reliable and efficient method to optimise the flowsheet. The forced-air pneumatic Concorde Cell is known for delivering faster flotation kinetics, excellent recovery of fine and ultra-fine particles, and enhanced consistency in concentrate grades.

In 2024, Metso announced an order for the supply of complete concentrator plant equipment for the Lumwana copper project. The value of the Concorde Cell equipment order was recorded in the Minerals segment’s third-quarter 2025 order intake.

HD Construction Equipment lands contract to supply 120 large excavators to Ethiopian gold mine. (Image source: Hyundai)

HD Construction Equipment, the unit managing HD Hyundai's construction equipment business, has started 2026 on a strong note, securing a significant order shortly after its launch, signaling progress toward achieving this year’s sales targets

On Wednesday, January 14, the company announced that it had finalized a contract to supply 120 large excavators to Ethiopian mining development companies. The order includes 70 units of 36-ton DEVELON excavators and 50 units of 34-ton HYUNDAI excavators, which will be deployed at a major Ethiopian gold mine.

HD Construction Equipment dominated the Ethiopian excavator market last year, capturing an 80% market share, cementing its position as the leading local provider through superior product competitiveness and customer service.

Sales of HD Construction Equipment’s 30-ton class mid- to large-sized excavators have doubled annually over the past three years. These machines are prized for their stability and durability in resource development environments across Ethiopia and other African regions, while also offering high maneuverability and fuel efficiency.

Looking ahead, HD Construction Equipment plans to strengthen customer support through local bases in Ghana and South Africa. The company aims to leverage the combined sales strength of HYUNDAI and DEVELON, which have established strong brand recognition in Africa, and to implement a cooperative system to meet rising equipment demand in major regional markets.

The company has also secured significant orders in Southeast Asia and the Commonwealth of Independent States (CIS), key emerging global markets. In Vietnam, HD Construction Equipment received an order for 71 units, including 20 units of 20-ton wheeled excavators for emergency disaster response and 51 units of 20–30 ton crawler excavators for national infrastructure projects.

In Kyrgyzstan, the company will supply 41 units, including 52-ton large excavators and 38-ton medium-large excavators to support transportation network expansion and real estate construction.

On January 14, HD Construction Equipment also released its 2026 performance forecast, presenting annual sales and operating profit targets during a conference with domestic and international institutional investors at the Korea Teachers’ Credit Union in Yeouido. The company targets KRW 8.7218 trillion (approx. US$5.92bn) in sales and KRW 439.6 billion (approx. US$298mn) in operating profit for the year.

CEO Moon Jae-young commented, "We aim to deliver performance results exceeding market growth by rapidly implementing our mid- to long-term strategy and leveraging integration synergies. We will also proactively engage in facility investment and R&D to establish core competitive advantages for our construction machinery operations."