The IFC is the private sector funding arm of the World Bank and the partnership between the corporation and the company involves $60million loan which will give the lender a 10% stake in Sierra Rutile.
Sierra Rutile Limited is a former subsidiary of the British-owned Titanium Resources Group, which was acquired by the Australian sand miner Illuka in 2016 as part of a major takeover involving £215 million.
Sierra Rutile primarily holds leases for mining rutile in Sierra Leone since its formation in the 1970s.
These leases cover a land area of 580 km2, comprising some 19 identified deposits.
The company’s concessions presently span five chiefdoms in two districts: Imperi and Jong chiefdoms in Bothe; Lower Banta, Upper Banta and Bagruwa chiefdoms in Moyamba.
According to the company, the expansion is to be carried out in two of its operational areas: Area 1 in Gangama and Lanti, where it is operating dry mining, and Area 5 in Sembehun, Bagruwa chiefdom, Moyamba district.