Minister of Mines and Mineral Resources, Julius Daniel Mattai, has reaffirmed Government’s commitment to strengthening investor confidence and accelerating responsible mining development, following the signing of a landmark US$40 million syndicated financing agreement between Ecobank Sierra Leone and Sierra Rutile Limited.
The agreement was formalized on 10 February 2026 on the margins of the prestigious Investing in African Mining Indaba in Cape Town, South Africa, with support from Ecobank Ghana. The facility will finance the relocation of a state-of-the-art mineral sands processing plant from Kenya to Sierra Leone as part of Sierra Rutile’s Sembehun expansion project.
Speaking at the signing ceremony, Minister Julius Daniel Mattai described the deal as a powerful demonstration of investor confidence in Sierra Leone’s reformed mining sector.
“Today, we are not merely witnessing the signing of a financial agreement; we are affirming a shared vision of partnership, confidence and long-term commitment to the people and economy of Sierra Leone,” he stated.
The Minister noted that the expansion is expected to significantly boost mineral sands production, create sustainable employment and stimulate business opportunities for local contractors and service providers. He emphasized that beyond the financial figures, the project represents tangible benefits for mining communities and young Sierra Leoneans seeking opportunity.
The Sembehun development, widely regarded as one of the country’s most promising mining projects, is projected to generate quality jobs, strengthen local supply chains and contribute to social infrastructure in host communities.
Julius Daniel Mattai attributed the renewed investment momentum in the mining sector to reforms undertaken under the leadership of President Julius Maada Bio, particularly the enactment of the Mines and Minerals Development Act 2022. He said the legislation has enhanced transparency, regulatory certainty and institutional oversight, positioning Sierra Leone as an increasingly predictable and investor-friendly destination.
“This signing is a testament to the effectiveness of our legal and regulatory reforms. A major private investment is proceeding within a clear legal framework, strong institutional oversight and a shared commitment to Environmental, Social and Governance standards,” the Minister remarked.
The agreement also highlights the transformation of Sierra Rutile into the first 100 percent Sierra Leonean privately owned large-scale mining company, following its acquisition by Leonoil Company Limited in October 2024. The milestone has been widely viewed as a significant boost for indigenous participation in the extractive sector.
Ecobank Sierra Leone Chief Executive Officer, Jeremy Awoyi, described the transaction as a landmark for local banking and a catalyst for economic growth, underscoring the increasing role of African financial institutions in supporting large-scale industrial projects on the continent.
Chairman of Sierra Rutile Limited, Ing. Tunde Cole, also highlighted the strategic importance of the Sembehun deposit, noting that it is among the world’s largest natural rutile reserves and offers a foundation for globally competitive and sustainable mining operations.
Reaffirming Government’s commitment to inclusive development, Minister Julius Daniel Mattai assured local communities that the Sembehun Expansion Project would deliver measurable benefits, including employment, business opportunities and improved services.
“Our goal is that when we speak of the success of Sembehun we are also speaking of the success and dignity of the communities that host it,” he said.
With the $40 million financing secured, stakeholders say Sierra Leone’s mining sector is entering a new phase; anchored on responsible investment, strengthened local ownership and strategic partnerships aimed at translating mineral wealth into broad-based national development.
