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IFC Injects $60M into ILUKA Sierra Rutile

HomeAYV NewsIFC Injects $60M into ILUKA Sierra Rutile

IFC Injects $60M into ILUKA Sierra Rutile

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According to Lance Crist the senior Manager & Global Head of Natural Resources, International Finance Corporation, this partnership will see the International Finance Corporation make an initial investment of $20 million to fund Sierra Rutile Limited’s existing operations and a further $40million to support expansion plans and this total investment of $60million will represent a 10% stake in the company.

According to Tom O’Leary, ILUKA’s Managing Director, Sierra Rutile’s history spans over 50 years. He added that such a partnership will improve health, safety, capacity building, skills enhancement as well as fostering sustainable community development. He added that through this project the already 6% contribution to the country’s local revenue generation will create more job opportunities for Sierra Leoneans.

In his statement, the Minister of Mines and Mineral Resources Mohamed Rado Yokie thanked the World Bank Group for its support to the mining sector, citing that Sierra Leone is open to partnership and more foreign investment in the mining sector. However, he cautioned companies and investors to invest in the interest of the people of Sierra Leone. He added that as a former law maker, he will ensure the review of all bad laws within the mining institutions in order to foster cooperation to make the mining sector a win-win ground for investors and for the people of Sierra Leone.

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