Sierra Rutile on track after boosting Q1 production

7th Apr 2014 14:24

Industrial mineral producer Sierra Rutile is on track to hit annual targets after boosting first quarter production and cutting costs.Sierra, which mines for titanium feedstock industrial minerals such as rutile and ilmenite in the south-west of Sierra Leone, said it was well-placed to meet 2014 guidance.The group increased rutile output by 12% to 28,218 tonnes against a year ago while ilmenite lifted 23% to 6,868 tonnes.Sierra said it also reduced operating cash costs per tonne by 33% against the first half of 2013.Chief Executive John Sisay said: "I am pleased with the company's performance in the first quarter, where we have continued to deliver record production levels and reap the benefits from a continued strategic focus on cost efficiency."Shares rose 7p or 13.2% to 60p at 14:43 in London.PW