Titanium Resources raises new cash to boost production from Sierra Rutile mine
16 November 2009
Titanium Resources is raising approximately US$25.0 million (£15.1 million) in a 10p per share placing in order to fund work to increase production at its Sierra Rutile mine in Sierra Leone.
Titanium said approximately US$20 million of the new cash would be used to construct Dredge D3, which it reckons will add 30,000 tons per year of rutile production in its first full year of operation. It is estimated that it will take 12 months to complete and commission the new plant.
A further US$2 million will be invested in upgrading Dredge D1 Wet Plant processing equipment to increase rutile recovery by approximately 5,000 tons per year and ilmenite recovery by approximately 1,000 tons per year. These works are also expected to take approximately 12 months to complete.
Finally, Titanium has earmarked the remaining proceeds for completing an upgrade of the its Land Plants, with the aim of increasing the plant's processing capacity to up to 280,000 tons per year.
Titanium said it was confident of hitting its production target of 65,000 tons of rutile and 8,000 tons of zircon concentrate by the end of December. Rutile production is expected to increase in 2010 as a result of increased volumes following the recent replacement of the bucket line on Dredge D1 which continues to mine higher grade areas of the deposit.
John Sisay, Titanium’s chief executive, said: “The funds raised will assist us in delivering the strategy set out in the company's interim results to increase production levels at Sierra Rutile.”
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