LONDON (Alliance News) - Mineral sands producer Sierra Rutile Ltd on Thursday said it has secured a USD15.0 million standby facility from South African lender Nedbank.
The facility replaces the previous one the company had in place from Pala Investments.
The funding will be utilised, if needed, to fund the construction of the first phase of the Gangama Dry Mine project in Sierra Leone, which is currently on budget and set to start operations in the second quarter of 2016.
Shares in Sierra Rutile were untraded on Thursday, having last traded at 20.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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