Clifford Chance

Clifford Chance advises miner Sierra Rutile on a debt investment of USD 50 million to expand its operations

International law firm Clifford Chance has advised UK listed miner Sierra Rutile on a debt investment of USD 50 million to expand its operations. This is set to be one of the largest investments in Sierra Leone since Ebola struck western Africa last year.

Sierra Rutile has approved the first phase of its new growth project, Gangama, with construction expected to take approximately 12 months and first production set for Q2 2016. The project is being financed by cash flows and available facilities, with Pala Investments, a major shareholder, providing a USD 15 million standby facility. Ernest Koroma, President of Sierra Leone, said the investment “marks a turning point as we start to rebuild our economy . . . one of Sierra Leone’s most important companies has not only weathered the Ebola storm, but is now emerging as a leading regional player in rebuilding our country’s future”.

This is the latest deal from Clifford Chance's market-leading Africa practice.The practice also recently won Overall Legal Advisor award from Private Equity Africa for the third year running.

The Clifford Chance team was composed of partners Jeremy Connick and Ashvin Seetulsingh and associate Jeremy Barker.