Sierra Rutile Limited Operational Update (2852W)
26 April 2016 - 4:01PM
UK Regulatory
TIDMSRX
RNS Number : 2852W
Sierra Rutile Limited
26 April 2016
Sierra Rutile Limited
Operational Update
Completion of Gangama project construction and recommencement of
rutile sales to titanium metal customers
London, UK, 26 April 2016: Sierra Rutile Limited (AIM:SRX)
("Sierra Rutile" or the "Company") is pleased to provide the
following corporate update:
Highlights:
-- Completion of construction phase of Gangama project and the
commencement of plant commissioning; and
-- The re-commencement of rutile sales into the titanium metal market.
Completion of construction of the Gangama Dry Mine Project
On 25 April 2016 the Gangama project reached a significant
milestone with the completion of plant construction activities and
will shortly enter the final phases of commissioning. The Gangama
project continues to progress towards the planned start of
commercial production during Q2 2016, and remains both on time and
on budget.
Re-commencement of rutile sales into the titanium metals
market
Sierra Rutile has restarted sales into the titanium metals
market. After several years of subdued demand as stockpiles were
depleted, the Company views this initial order as an encouraging
sign that the demand for high-grade titanium feedstocks is
continuing to strengthen.
Titanium metal is a key growth market for high-grade titanium
feedstocks. Titanium metal production, for use in aviation,
automotive, medical and technological applications, requires a
high-grade premium rutile product, and Sierra Rutile has
historically been a key supplier to this end market. Titanium metal
is valued for its light weight, chemical inertness and durability,
providing unmatched performance and durability.
John Sisay, CEO of the Company, said: "The completion of the
construction phase of Gangama represents a significant de-risking
step as the project nears commercial production. Whilst the
re-commencement of sales into the titanium metal market marks the
re-emergence of a key end market for Sierra Rutile's premium
product. We are very pleased to announce these two significant
milestones, as they further demonstrate Sierra Rutile's continued
track record of delivering on its stated goals. "
ENDS
For further information
Sierra Rutile Limited
John Sisay, Chief Executive
Officer
Matthew Hird, Chief Financial +44 (0)20
Officer 7074 1800
Investec Bank
Nominated Adviser and
Joint Corporate Broker
Chris Sim / George Price +44 (0)20
/ Jeremy Ellis 7597 4000
Numis Securities Limited
Joint Corporate Broker
John Prior / James Black +44 (0)20
/ Paul Gillam 7260 1000
RBC Capital Markets
Joint Corporate Broker +44 (0)20
Jonny Hardy / Elliot Thomas 7653 4000
Kreab
Marc Cohen / Christina +44 (0)20
Clark 7074 1800
About Sierra Rutile Limited
Sierra Rutile is a leading, multi-mine mineral sands company,
operating world-class assets and developing a portfolio of growth
projects in the south west of Sierra Leone, with its primary
commodity mined being natural rutile, a titanium feedstock. The
Company has an established operating history spanning approximately
50 years and a resource mine life of another 50 years with one of
largest natural rutile deposits in the world and a JORC-Compliant
Mineral Resource for measured, indicated and inferred resources for
the Sierra Rutile mine of over 866 million tonnes (as at 30
September 2015). Sierra Rutile expects to be the world's largest
primary producer of natural rutile in 2016.
www.sierra-rutile.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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