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.

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.

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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