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BROWSE ABOUT USInternational law firm Ashurst has advised Iluka Resources Limited (Iluka Resources) in relation to the International Finance Corporation (IFC) taking a 10% stake in its Sierra Leone rutile operations for US$60 million.
The investment will be conducted in two tranches, with all funds invested being used by Sierra Rutile to develop its Sierra Leone rutile operations. The first tranche will involve IFC initially investing US$20 million for a 3.57% stake.
The second tranche will involve IFC further investing US$40 million to increase its stake to 10%, and will occur if or when Iluka progresses the Sembehun project, whose deposits comprise more than 70% of Sierra Rutile's remaining ore reserves. Its development has the potential to extend the life of Sierra Rutile's operations significantly.
Ashurst partner and global co-head of mining, Lorenzo Pacitti commented:
"We are delighted to assist Iluka Resources with its strategic partnership with International Finance Corporation - a division of the World Bank - in relation to the Sierra Rutile Project in Sierra Leone.
"The transaction demonstrates the truly global scale of Iluka Resources’ asset portfolio and its commitment to developing its Sierra Rutile Project, providing mutual benefits to Iluka Resources and IFC, and to the country of Sierra Leone and the stimulation of private investment in the region."
The Ashurst team was led by Lorenzo Pacitti, with support from partners Gaelan Cooney, Roger Davies and Matthew Wood; counsel Marina Tinning; senior associates Richard Shi and Rowan Krasnoff; and associates Toby Newnes and Meng-Yeow Lim.
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