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In Sierra Leone – financials show 2012 was a year of delivery for Sierra Rutile

In Sierra Leone – financials show 2012 was a year of delivery for Sierra Rutile

Describing 2011 as a year of transition and 2012 as “a year of delivery” for Sierra Rutile Limited, CEO John Sisay highlights an impressive list of achievements in the company’s 2012 financial results for the year ended 31 December 2012 (published April 25).  (Photo: Mr. John Sisay, CEO, Sierra Rutile Limited)

These include increasing rutile production by 39% to 94,493 tonnes, completing the new Lanti Dry Mining project, which is now in the final stages of commissioning, and completing studies on a number of further expansion projects including the Gangama Dry Mining project.

The improved operating performance is reflected in the company’s financial performance.  2012 revenues increased by 226% to US$179.1 million, with earnings before interest, tax, depreciation and amortisation (EBITDA) of US$107.8 million, compared to the previous year’s EBITDA of US$0.1 million.

This year’s first quarter results indicate the stability of the company’s operations and the sustainability of last year’s increases in rutile production. Rutile production of 25,087 tonnes was a 21% increase on production for the same time last year; and Ilmenite production of 5,567 tonnes a 12% increase on last year first quarter figures.

Sierra Rutile has also announced a new dividend policy to distribute to shareholders at least 50% of free cash flows after capital expenditures, committed future expenditures and the repayment of any borrowings, with the first dividend payment to be considered once the timing of the new Gangama Dry Mining project is determined.

In addition, the first quarter of this year saw the company win a 70,000 tonne rutile supply agreement with a major pigment producer, which secures a substantial portion of its production for the remainder of 2013 and into 2014.

Commenting on Sierra Rutile’s end of year results, John Sisay said:  “We entered into 2012 with several objectives.  Our first was to continue delivering on production.  Our second was to deliver our first expansion project and our third was to define the next stage of growth for Sierra Rutile, completing studies on a number of expansion projects.  We successfully delivered on all three.

“I would like to thank our employees, the local communities in which we operate, as well as the Government and people of Sierra Leone for their continued support, which positions us well to enjoy many more years of the success we have experienced during 2012.”

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