IFC gets 10% stake in Sierra Rutile Limited for $60 mln
Tuesday, 02 July 2019 13:33
The International Finance Corporation (IFC) announces it is investing $60 million to acquire 10% stake in mining company Sierra Rutile Limited.
The financial institution in charge of the private sector in developing countries will make an initial investment of $20 million to finance Sierra Rutile Limited's mining activities. Then, additional $40 million will support the company’s expansion projects. Sierra Rutile Limited plans to double its rutile production and extend the life of its mine by 16 years.
Remaining shares in Sierra Rutile are held by the Australian mining company Iluka Resources, the majority shareholder. Let’s note that during the 2018 FY, IFC invested more than $23 billion in companies operating in emerging markets, including Africa.
Chamberline Moko
Live News
-
U.S. ties to African rare earths deepen as Altona lists to fund Mozambique project
05:19
-
DR Congo, South Africa to resume Inga 3 talks, eye up to 5,000 MW exports
04:57
-
Cameroon’s Banana Exports Jump 36% in January, Driven by French-Owned Firms
04:42
-
Two Nigerian insurers launch $7.9M rights issues to meet capital requirements
04:25
-
African cotton producers meet in Lomé to tackle productivity challenges
18:41
-
Cameroon Suspends Fuel Shipments From Importers Over Payment Disputes
18:18
-
Cemac Seeks to Bring Informal Cross-Border Trade Into Official Data
16:45
-
In Bertoua, a Little-Known French Firm Eyes Entry Into Energy Projects
16:05
-
Côte d’Ivoire Launches EMY 101 AI Chatbot for Public Services
15:54
-
Happy Pay Founder Wesley Billett Promotes Interest-Free Installment Payments
15:46
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
BOAD plans 750 billion CFA francs financing for Burkina Faso Funds to support key sectors and Rel...
Yassir moves into media distribution in France with the acquisition of Paris-based adtech firm Kaw...
Altona lists on US OTCQB to access American capital Move supports Mozambique Monte Muambe rare earths project development Listing aligns with US push...
DRC, South Africa to resume Inga 3 talks in April Plans include boosting power exports up to 5,000 MW $10bn+ project still in planning with World...
Cameroon banana exports jump 36% to 27,674 tons in January Growth driven by French group subsidiaries PHP and CDBM Compagnie Fruitière dominance to...
Djibouti receives a $35 million grant to expand rural access to drinking water The project will benefit over 120,000 people and strengthen...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...