First quarter rutile production up at Sierra Rutile

AIM-listed Sierra Rutile, the titanium feedstock and industrial minerals producer, has unveiled positive results for its first quarter performance.

AIM-listed Sierra Rutile, the titanium feedstock and industrial minerals producer, has unveiled positive results for its first quarter performance.

Quarterly production was 25,087 tonnes of rutile and 5,567 tonnes of ilmenite, 21% and 12%, respectively, ahead of first quarter 2012 volumes.

The Lanti Dry Mining project was officially opened by the Sierra Leone Minister of Mines and Mineral Resources in January 2013 and continued to ramp-up production in-line with budget, the company said.

Chief Executive Officer, John Sisay, said: "The quarter has demonstrated the continued stability of our operations and the sustainability of the major increases in rutile production rate that we implemented in 2012.

"We remain on track to deliver a year-on-year production rate increase of over 30%. Additionally, the finalisation of the Gangama Dry Mining feasibility study in the next few months will provide SRL [Sierra Rutile] with significant further production growth optionality beyond the current operations."

Rutile is a mineral composed primarily of titanium dioxide. It is used in paints, plastics and paper, among other commercial uses. Ilmenite is often converted into pigment grade titanium dioxide. Titanium dioxide is used in cosmetic and skincare products as a pigment, sunscreen and thickener.

Sierra Rutile's share price was up 1.79% to 57p at 08:05 on Friday.

MF

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
What happened to Credit Suisse?
Economy

What happened to Credit Suisse?

UBS acquired Credit Suisse at £2.65bn on Sunday afternoon – significantly below its closing value on Friday, which was around £7bn. We take a look at …
21 Mar 2023
Rightmove: UK house prices up £3,000 as property market rebounds
House prices

Rightmove: UK house prices up £3,000 as property market rebounds

Rightmove’s latest house price index shows the property market has been resilient despite an economic downturn
20 Mar 2023