Sierra Rutile, a company which mines ingredients (mostly rutile) for the manufacture of titanium, has reported impressive increases in production in the three months to the end of June.
Rutile production at the group's mine in southwest Sierra Leone increased 60% to 21,917 tonnes versus 13,693 tonnes in the same period of 2011. Over the first half production is now 57% ahead of the previous year.
The firm confirms its full-year rutile production guidance of between 80,000 and 85,000 tonnes of rutile. It also says its dry mining site project is on schedule and budget, with commissioning expected in the final quarter of this year.
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Commenting on the second quarter performance, Sierra Rutile's Chief Executive John Sisay said: "We have seen another strong quarter of rutile production and good progress on all of the expansion projects. This is now the fourth quarter in a row that we have met our production guidance, which is the result of the significant improvements we made during 2011.
"With the dry mining now likely to commence before the year-end and the other growth projects progressing well, I am confident that we will meet our targets both in terms of production and the delivery of our expansion projects."
At 09:32 the stock had gained 6.44% and has now more than tripled in value in the last 12 months. Since March 2011, Sierra Rutile has increased in value by 366%. One to watch...
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