IFC invests $60m in Iluka's Sierra Rutile project
The International Finance Corporation will invest $60 million in Perth-headquartered mineral sands miner Iluka Resources’ Sierra Rutile operation, in Sierra Leone,
The IFC will initially invest $20 million for a 3.57% stake, with a further $50 million planned to increase its shareholding to 10%, when the construction of early works for the Sembehun project was approved and when the environmental and social impact assessment of Area 5 was completed.
The Sembehun deposit comprised more than 70% of Sierra Rutile’s remaining ore reserves and development of Sembehun had the potential to extend the life of the operations significantly.
The company is working on a definitive feasibility study on a Stage 1 development, which it expects to conclude early in the second half of 2019.
