Iluka Resources to partner with IFC in Sierra Leone

Company News

by Rachael Jones

Mineral Sands company Iluka Resources (ASX:ILU) and International Finance Corporation have signed agreements for a strategic partnership in relation to Iluka’s Sierra Rutile operation.

IFC will subscribe to new shares equivalent to a 10 per cent stake in Sierra Rutile for US$60 million.

They will initially invest US$20 million for a 3.57 per cent stake, with a further investment of US$40 million to increase its stake to 10 per cent to occur if or when Iluka approves the construction for the Sembehun project.

Iluka’s Managing Director, Tom O’Leary said, “This partnership provides mutual benefit to Sierra Rutile, Iluka, IFC and the people of Sierra Leone by promoting the continued, sustainable development of the Sierra Rutile operation.”

Shares in Iluka Resources (ASX:ILU) closed 0.85 per cent higher at $9.47 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.