Deal: Ashurst advised Iluka Resources in relation to the International Finance Corporation taking a 10 per cent stake in its Sierra Leone rutile operations.

Value: $60 million

Area: Projects

Key players: The Ashurst team was led by Lorenzo Pacitti, with the support of 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 Lin also assisted in the deal.

Deal significance: The transaction will be conducted in two tranches, with all the funds being invested to be used by Sierra Rutile to develop its Sierra Leone rutile operations. The first tranche will involve IFC investing $20 million for a 3.57 per cent stake.

The second will involve IFC investing the remaining $40 million to increase its stake to 10 per cent, and will occur if or when Iluka progresses the Sembehun project, whose deposits comprise of more than 70 per cent of Sierra Rutile’s remaining ore reserves. Its development has the potential to extend the life of Sierra Rutile’s operations.

Mr Pacitti said of the deal: “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.

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“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.”

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