By: James Kamara-Manneh
Sierra Rutile Holdings Limited (ASX: SRX) has recently garnered the attention of significant players in the Sierra Leonean mining industry as two distinct groups have acquired substantial shareholdings in the company.
PRM Services LLC, a company linked to Gerald Group, a major commodity trading entity specializing in non-ferrous, ferrous, and precious metals, has acquired an 8.19% stake in Sierra Rutile. Gerald Group, known for its ownership of Marampa Mines Limited, a key player in iron ore production in Sierra Leone, has solidified its presence in the region by acquiring shares in Sierra Rutile.
Additionally, Mano Mining & Logistics Limited, a Sierra Leonean company with diversified interests in engineering, infrastructure, construction, and mining services, has acquired a 9.62% shareholding in Sierra Rutile. Mano has previously been involved as a mining contractor at Sierra Rutile’s operations, demonstrating a longstanding relationship within the local mining sector.
These acquisitions come at a pivotal time for Sierra Rutile, coinciding with the suspension of mining operations at Area 1, announced on 11 March 2024. Despite this setback, the company welcomes the involvement of Gerald Group and Mano as substantial shareholders, citing their prominence and expertise in the Sierra Leonean mining landscape.
Chairman Greg Martin expressed optimism about the strategic significance of these acquisitions, emphasizing the potential and strategic value of Sierra Rutile’s assets. He stated, “Both Gerald Group and Mano Mining & Logistics are prominent investors in the Sierra Leone mining industry. SRX believes the recent acquisition of Sierra Rutile shares by these two significant local market participants highlights the significant potential and strategic value of Sierra Rutile’s assets.”
The entry of these two substantial shareholders underscores the continued interest and confidence in Sierra Rutile’s prospects despite temporary operational challenges. As the company navigates through this period, the support and involvement of key players like Gerald Group and Mano Mining & Logistics are poised to shape its future trajectory in the Sierra Leonean mining sector.
