Iluka Resources partners with IFC in Sierra Leone

 In news

The International Finance Corporation (IFC) will invest $60-million in mineral sands miner Iluka Resources’ Sierra Rutile operation, in Sierra Leone, the Perth-headquartered miner announced on Thursday.

The IFC would 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, Iluka said in a media release.

The Sembehun deposits are situated about 20 to 30 km north-west of the existing Sierra Rutile operations. Iluka plans to initially develop a new 1 000 t/h to 1 200 t/h mine at these deposits.

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.

Sierra Rutile produces rutile, ilmenite and zircon from the world’s largest natural rutile deposit. Source: Mining Weekly

Recent Posts

Leave a Comment

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text.

Start typing and press Enter to search