Financial services provider Ecobank Sierra Leone has 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 ASX-listed Sierra Rutile will fund the acquisition and relocation of the Kwale mineral sands processing plant from Kenya to Sierra Leone.

Ecobank says the funding for mining company 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.

The company describes the agreement, led by Ecobank Sierra Leone with support from Ecobank Ghana, as a landmark in several key respects.

Firstly, it notes that rutile is a critical mineral essential for the aerospace, medical and advanced manufacturing sectors.

Hence, by securing the future of the Sembehun poject – one of the world’s largest and highest-grade rutile operations – the company says this deal locks in Sierra Leone as a primary node in the global titanium feedstock market, ensuring long-term supply stability for international industries.

Secondly, Ecobank says 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, such as Ecobank, have the balance sheet and technical expertise to lead complex, risk-sharing transactions previously dominated by international banks.

Thirdly, the project uses a "reuse and relocate" model, repurposing high-quality industrial assets from Kenya rather than importing new machinery from outside the continent.

The company explains that 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.

Ecobank Sierra Leone, with support from Ecobank Ghana, also announced a $25-million financing package with Meya Mining, reinforcing Ecobank’s commitment to financing sustainable growth in Sierra Leone’s diamond sector.

By supporting responsible diamond production, the company says the deal strengthens compliance with international standards such as the Kimberley Process, enhances local employment opportunities and contributes to national beneficiation initiatives.

The bank says this demonstrates Ecobank’s role in aligning financial solutions with Sierra Leone’s broader development agenda.

The company notes that 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.

This includes creating and sustaining over 400 direct jobs – and a few thousand indirect jobs – with more than 90% of the employees sourced locally.

Additionally, the company says it will strengthen Sierra Leone’s position in the global diamond industry through traceable, responsibly mined diamonds.

Ecobank says the transaction will also encourage further investment in beneficiation, including cutting and polishing, to maximise national value capture.

"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,” says Ecobank Sierra Leone MD Sebastian Ashong-Katai.

"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,” says Sierra Rutile CEO Lima Sufian-Kargbo.

“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 $100-million from shareholders in resource and initial mine development,” adds Meya Mining CEO Jan Joubert.