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Market: AIM
Sector: General Mining - Rare Earth Minerals
EPIC: TXR
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Titanium Resources
titaniumresources.com
Titanium Resources Group is a mining company with operations in the Republic of Sierra Leone. The Group is the country's largest private sector employer and produces rutile and ilmenite for use in industrial applications. The Group's operations historically accounted for over 65 per cent of the exports of Sierra Leone.
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Titanium Resources rutile production soars 96.8% in Q4, 2010 shipment prices climb 6%

26th Jan 2010, 1:18 pm Titanium Resources rutile production soars 96.8% in Q4, 2010 shipment prices climb 6%

Titanium Resources Group (AIM: TXR) said its rutile production at the Sierra Rutile mine in Sierra Leone soared 96.8% quarter on quarter to 21,514 tonnes in Q4 2009, bringing the total for the year to 63,864 tonnes, which was in line with expectations.

The company’s ilmenite and zircon production for the full year reached 15,161 tonnes and 8,501 tonnes respectively.

Titanium Resources has also achieved price increases of 4 to 6% with customers for the majority of confirmed shipments for 2010 production. In the last quarter, the company bought a new IMS Versi-Dredge for US$1.1 million, which is expected to reduce the negative impact of mineral slime problems at the Lanti South Pond, which have affected volumes during the last year.

The Versi-Dredge will be deployed to increase overall production at the Mogbwemo tailings area which contains a mineral resource of approximately 18 million tonnes at an average rutile grade of 0.94%. The company added that the developments associated with November’s placing to raise US$25 million, which include Dredge D3 and upgrades to the wet plant and the land plant, were continuing with the progress set to be reported in the full results statement.

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