SIERRA LEONE: World Bank/IFC to Take 10% Stake to Underpin Sembehun Project

摘要

The investment case was underpinned by Iluka's plans for expanding rutile output at the existing Lanti and Gangama mines in the short-term and, in the longer-term, for exploiting deposits in the Sembehun area-Benduma, Dodo, Gbap, Kamatipa, Kibi and Komende-about 30-40 km northwest of Lanti. The mineral separation plant was to be expanded so as to be capable of producing up to 300,000 t.p.a. of rutile. On 6 June 2019, Iluka announced that it had signed agreements with the International Finance Corp. (IFC, a member of the World Bank group) whereby the IFC would initially invest $US 20 million for a 3.57% stake in the Sierra Leone business, with a potential further investment of $US 40 million to increase its stake to 10%. The increase to a 10% stake would occur if Iluka approves the construction of early works for the Sembehun project and upon disclosure of the related Area 5 Environmental & Social Impact Assessment.