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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
UK inflation slowed again in March – but a rate cut could be some months away
The latest Consumer Price Index (CPI) data came in at 3.2% for March. This was slightly higher than some economists expected, but takes us closer to the Bank of England’s 2% inflation target.
By Katie Williams Published
-
Pension vs property: which option provides the best income for your retirement?
News With the cost of a comfortable retirement on the rise, future retirees need to weigh up which strategy offers the best returns. But is a pension a better bet than property?
By Henry Sandercock Published