Iluka Resources £215 million acquisition of Sierra Rutile

Public acquisition

£ 215 million

$ 285.555 million




  • Australian based producer Iluka Resources has announced the £215 million acquisition of mining company Sierra Rutile
  • Sierra Rutile is listed on the AIM stock exchange in London, is incorporated on the British Virgin Islands and operates on the mineral sands of Sierra Leone.
  • Owned by Swiss based Pala Investments, Iluka Resources is a global player in the mineral sands industry and announced the acquisition in line with the global commodities cycle.
  • The company offered shareholders 36p per Sierra Rutile share. 
  • Pursuant to BVI law the acquisition needed the approval of a majority of Sierra Rutile's shareholders.
  • The acquisition eventually closed after "an eleventh hour disagreement surrounding tailings dams was resolved", in December 2016, following doubts it would be completed.
  • Complications arose when Iluka notified Sierra Rutile in late November that "it was not satisfied with certain geotechnical risks forming part of the latter’s operations in Sierra Leone". 

John Crabb - Journalist 

Additional reporting: Myles McCormick, Industrial Minerals 


United Kingdom
Sierra Leone

Deal type:

Public acquisition

Practice area:


Industry sector:



Party: Iluka Resources (Acquirer)

Party: Iluka Resources (Acquirer)

Lawyer: Anton Goldstein

Party: Sierra Rutile (Target)

Lawyer: Mark Bardell

Party: Sierra Rutile (Target)

Lawyer: Simon Dinning