Meya Mining lands $25 million Ecobank facility

Meya Mining has secured a $25 million financing facility from Ecobank that its backer, Trustco Group Holdings, says will accelerate diamond production in Sierra Leone, marking a fresh push to move the project from development into steadier commercial output.

The agreement was signed on the opening day of the annual Mining Indaba conference in Cape Town, according to statements from the companies. Trustco said the facility will be deployed for processing equipment, mining vehicles and supporting infrastructure at Meya’s operations in Sierra Leone’s diamond rich Kono District, a region that has long carried both the promise and the controversy of high value stones.

Meya holds a long term exclusive diamond mining license in Kono, and its supporters have been pitching the operation as part of a newer story for Sierra Leonean diamonds, one centered on traceable production and local jobs. The company said the latest funding is meant to help it scale up consistently, an essential step in a business where output can be uneven until equipment and systems are fully aligned.

Trustco, a Namibia based group with interests spanning financial services and longer horizon investments, has tied much of its messaging to the idea that Meya is entering a different phase. Company officials said the facility represents a vote of confidence from a major African bank, while also addressing practical needs that can slow mines down, from plant reliability to fleet availability and site logistics.

Executives described the financing as a working capital and capex bridge that should shorten timelines. Ecobank’s Sierra Leone unit led the arrangement, with support from the group’s broader network, Trustco said. The companies did not disclose detailed repayment terms, but presented the facility as structured to match the rhythm of production and sales.

In Kono, the stakes are not only financial. Sierra Leone’s mining sector is a backbone of exports and government revenue, yet communities have often questioned how much benefit stays local. Trustco and Meya said they expect the project to sustain more than 400 direct jobs, with the majority of roles going to Sierra Leoneans. They also said local procurement and service contracts are expected to rise as activity increases.

Mining analysts note that financing can be a decisive bottleneck for mid sized projects, especially when global capital is cautious and infrastructure costs keep climbing. A bank facility, even one smaller than the mega loans used in iron ore or copper, can unlock equipment purchases that quickly change operating capacity, particularly in alluvial or kimberlite systems where consistent processing is the difference between sporadic recoveries and predictable cash flow.

Meya’s backers have also leaned on the mine’s history of producing large, high value stones, arguing that the deposit has the kind of upside that draws premium buyers when supply becomes reliable. The diamond business is notoriously sensitive to grade variability, security costs and market sentiment, so the focus on better plant performance and tighter operations is as much about risk control as it is about growth.

Trustco’s relationship with Meya is central to why the announcement is drawing attention beyond Sierra Leone. Trustco has described itself as both an investor and a creditor with significant exposure to the project, aligning its interests with a successful ramp up. Company officials said the financing will strengthen Meya’s operational footing while also improving visibility on a path to stronger revenues.

The deal also fits a wider trend highlighted at Mining Indaba, where African banks are trying to finance more of the continent’s resource production rather than leaving large transactions solely to offshore lenders. Ecobank’s involvement, Trustco said, reflects growing comfort with well structured mining facilities that emphasize compliance, transparent cash flows and local economic impact.

Meya now faces the part that matters most: execution. Equipment deliveries, commissioning timelines and production targets will determine whether the facility translates into steady output and stronger earnings, or becomes another expensive step in a project still searching for scale. Trustco and Meya said they expect the funding to speed that transition, with Kono’s diamond fields once again in the spotlight as the mine pushes toward consistent commercial runs.