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

Share tips of the week – 28 January
Share tips

Share tips of the week – 28 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
28 Jan 2022
Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Amazon halts plans to ban UK Visa credit card payments
Personal finance

Amazon halts plans to ban UK Visa credit card payments

Amazon has said that it is to shelve its proposed ban on UK customers making payments with Visa credit cards.
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022