Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Sierra Rutile hits another production record

The Sierra Leone-based mineral sands miner produced 38,787 tonnes of rutile
Sierra Rutile hits another production record
Titanium metal will continue to be a high growth area, the company believes.

Sierra Rutile (LON:SRX) achieved another production record as output in its latest quarter rose by 25% compared to a year ago.

The Sierra Leone-based mineral sands miner produced 38,787 tonnes of rutile and 10,484 tonnes of ilmenite in the three months to December even though it deliberately slowed production in the final month to avoid holding excess working capital.

It meant the company hitting the upper end of its guidance for the year at 126,021 tonnes of rutile, 10% ahead of 2014, 

Prices also held up better than many other commodities, it said, at 3% below 2014’s average.

Annual production was the highest since its operations restarted in 2006 and this additional output had a beneficial effect on costs.

Cash costs in 2015 were US$537/t for 2015 and US$666/t on an all-in sustaining basis.

Sierra Rutile expects production to rise again in 2016 especially as its new Gangama Dry Mine remains on schedule for commissioning in the first half of the year.

Natural rutile is a key source of titanium and 80% of maximum targeted sales volumes are already contracted for 2016.

Demand from the titanium metal industry grew in 2015 and is anticipated to continue to grow in 2016 as the titanium dioxide pigment market recovers.

Titanium metal will continue to be a high growth area, the company believes.

John Sisay chief executive, said: "We are very pleased to record the highest quarter of rutile production and the highest annual production since the operation was restarted in 2006.

“Sierra Leone was declared Ebola free in November 2015 and we are proud to have achieved this result during a difficult backdrop.“

PhilW.jpg
Why Invest In Sierra Rutile Ltd? Read More Here

Register here to be notified of future SRX Company articles
View full SRX profile

Sierra Rutile Ltd Timeline

Newswire
November 03 2016
Newswire
September 30 2016

Related Articles

Reindeer
October 25 2016
The gold explorer focused on the Nordic countries, has a busy exploration program lined up for 2016/17.
shutterstock_170216471.jpg
September 15 2016
Sienna Resources Inc. has now been cleared by regulator FINRA and is fully quoted on the OTC Markets under the new symbol SNNAF, the company said on Thursday
Glen3.jpg
November 25 2016
"Back in January nobody wanted to know anything about resources, let alone gold, and we saw an opportunity..."

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.