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Sierra Rutile Limited has entered into a memorandum of understanding with Smol Pawa Sierra Leone Ltd. with the objective of being a cornerstone purchaser in respect to its Moyamba hydro project.
The Moyamba hydro project is an 11 to 14 MW run-of-river hydropower project located at the Singimi Falls on the Gbangba River in Sierra Leone, within 20 km of Sierra Rutile's existing operations. The project will be developed as a public-private partnership with the government of Sierra Leone and will serve the communities of Moyamba, Njala University and Sierra Rutile. A feasibility study is currently being completed for the project, and financing, permitting and construction is expected to be completed within 36 to 48 months.
CEO John Sisay says, "We are very pleased to partner with Smol Pawa on this project. As we continue to focus on reducing costs, the opportunity to purchase reliable, low-cost power will significantly reduce Sierra Rutile's cost exposure to potential oil price fluctuations. Power supplied from the hydropower facility will also reduce Sierra Rutile's operating risk by diversifying our power sources. We are also pleased to be able to support the government of Sierra Leone's agenda for prosperity in its provision of long-term sustainable electricity for the country."
News date: 17/01/2014