A USD 40m strategic facility funds the relocation of a processing plant from Kenya to Sierra Leone for Sierra Rutile; USD25m of funding support will see Meya Mining efficiently transition into diamond production
CAPE TOWN, South Africa – February 10, 2026 –Today at Mining Indaba 2026, Ecobank Sierra Leone announced two key transactions that underline the bank’s ability to mobilise African capital in support of mining projects which drive local beneficiation, development and growth.
The transaction announced with Sierra Rutile Limited (SRL) - the world’s leading producer of this essential commodity - will fund the acquisition and relocation of the Kwale Mineral Sands Processing Plant from Kenya to Sierra Leone.
The funding for Meya Mining will enable the purchase and installation of advanced diamond processing equipment, mining vehicles, and supporting infrastructure, positioning Meya to scale operations responsibly and efficiently as it transitions into full commercial production.
Sierra Rutile facility - a pivotal shift in the African mining landscape
The agreement, led by Ecobank Sierra Leone with support from Ecobank Ghana is a landmark in several key respects:
- • Rutile is a critical mineral essential for the aerospace, medical, and advanced manufacturing sectors. By securing the future of the Sembehun Project - one of the world’s largest and highest grade rutile operations - this deal locks in Sierra Leone as a primary node in the global titanium feedstock market, ensuring long-term supply stability for international industries.
- • It marks the first transaction of its kind in Sierra Leone’s banking history, demonstrating the "financial maturation" of the local market, underlining that African institutions like Ecobank have the balance sheet and technical expertise to lead complex, risk-sharing transactions previously dominated by international banks.
- • A blueprint for "smart" intra-African trade: The project utilises a "reuse and relocate" model, repurposing high-quality industrial assets from Kenya rather than importing new machinery from outside the continent. This approach reduces capital expenditure, significantly lowers the carbon footprint involved with industrial production, and accelerates project timelines—a tangible example of the African Continental Free Trade Area (AfCFTA) in practice.
Meya Mining - Driving broader economic impact
Ecobank Sierra Leone Limited, with support from Ecobank Ghana Plc, today also announced a USD 25 million financing package with Meya Mining Limited, reinforcing Ecobank’s commitment to financing sustainable growth in Sierra Leone’s diamond sector.
By supporting responsible diamond production, the deal strengthens compliance with international standards such as the Kimberley Process, enhances local employment opportunities, and contributes to national beneficiation initiatives. It demonstrates Ecobank’s role in aligning financial solutions with Sierra Leone’s broader development agenda.
This transaction highlights Ecobank’s commitment to driving economic transformation in Sierra Leone, as it will:
- • Stimulate local supply chains by routing payments through Sierra Leonean accounts.
- • Create and sustain over 400 direct jobs (and a few thousand indirect jobs), with more than 90% of the employees sourced locally.
- • Strengthen Sierra Leone’s position in the global diamond industry through traceable, responsibly mined stones.
- • Encourage further investment in beneficiation, including cutting and polishing, to maximize national value capture.
Sebastian Ashong-Katai, Managing Director of Ecobank Sierra Leone: "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."
Sierra Rutile CEO, Lima Sufian-Kargbo: "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."
Meya Mining Limited CEO, Jan Joubert: “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. 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.”
-ENDS-
Delegation Sierra Rutile Government Sierra Leone Ecobank
Group picture with Meya Sierra Leone authority Ecobank
Rutile signing MD Ecobank Sierra Leone and Chairman Sierra Rutile
Meya signing MD Ecobank Sierra Leone and CEO Meya Mining
About Ecobank Sierra Leone
Ecobank Sierra Leone is an affiliate of the Ecobank Group, the leading private pan‑African banking group. Ecobank Sierra Leone offers a comprehensive suite of financial services and solutions to Consumer, Commercial, Corporate, and Investment Banking clients. The bank’s leading channels include state‑of‑the‑art mobile and internet banking platforms, supported by a physical network of seven (7) branches, thirty‑one (31) ATMs, and 210 Xpress Points nationwide
Media Contact: Ecobank Sierra Leone
Sheikh Omaru Jalloh
Head of Branding, Communications, and Marketing
Ecobank Transnational Incorporated
Email: sojalloh@ecobank.com
Phone: +232 88 141418
About Sierra Rutile
With over 50 years operational history, Sierra Rutile Limited’s principal activities are in the operations of a multi-deposit mineral sands mining operation in southern Sierra Leone and is the largest producer of natural rutile in the world. Rutile is the highest-grade naturally occurring titanium dioxide (TiO2) feedstock used in the manufacture pigment for paints, plastics etc., titanium metal and welding electrodes. The company has an established operating history of over 50 years at its Area 1 Concession, and, with the Sembehun Development, a future mine life of at least 14 years based on the Definitive Feasibility Study (DFS) published in April 2024. Sierra Rutile is now a 100% Sierra Leonean owned company after it was acquired in October 2024 by Leonoil Company Limited, a company with strong presence in the petroleum sector.
Media contact: Sierra Rutile
Hussinatu Yilla
External Affairs Manager
Email: sierrarutile.limited@sierra-rutile.com
Phone: +23230948000
About Meya Mining
The Meya Diamond mine is situated in the Kono District of Sierra Leone's Eastern Province, right next to the Koidu Diamond Mine. The 120-square-kilometer Meya licence has major geo-economic potential, with at least sixteen kimberlite dykes to be explored and added to the resource statement over the next 10 to 15 years.
Diamonds from this region are renowned for their outstanding quality, featuring both flawless small stones and massive diamonds exceeding 500 carats. These gems were brought to the surface by kimberlites that Meya will mine. Notable finds here include the Star of Sierra Leone, Woyie diamond, Sefadu diamond, Peace diamond, and the Meya Prosperity and Meya Promise.
The mine has the potential to operate for over 50 years and extract more than 30 million carats during this timeframe.
MEDIA CONTACT: MEYA MINING
Sangeetha Balasubramaniam
Head Administration & Compliance
Email: SBala@meyamining.com