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rns Sierra Rutile Limited Rare earth mineralization CONFIRMED at SRL (SRX)
gibby - 03 Mar 2011 13:24
get in while still cheap..................................
Sierra Rutile Ltd
Rare earth mineralization confirmed at SRL
RNS Number : 2662C
Sierra Rutile Limited
03 March 2011
4 March 2011
SRX:AIM
Rare earth mineralization confirmed at Sierra Rutile mine
Highlights
Rare earths mineralization confirmed by independent laboratory at grades of 2.2% in existing HTT stream
Rare earth mineralization contained in a by-product stream of existing and ongoing rutile production, which has already been mined and partially processed
Study commenced to evaluate processing requirements to further separate and recover rare earths
Sierra Rutile Limited announces that SGS Lakefield Research Limited ("SGS") has confirmed the existence of rare earth oxides ("REOs") at a grade of 2.2% in Sierra Rutile's high-tension tailings ("HTT") stream. As part of the Company's recently announced strategic review update, significant rare earth mineralisation was identified and, following SGS' independent assessment, the Company is now exploring opportunities to refine and market these REO by-products.
The distribution of REOs in the HTTs is attractive and contains high concentrations of neodymium, lanthanum and praseodymium. HTTs are produced from Sierra Rutile's existing dry processing plant and, as such, the REOs are not in the ground, but in a by-product stream from Sierra Rutile's existing production of rutile and ilmenite. The HTTs are the same source from which Sierra Rutile already recovers its zircon by-product by re-processing it through the dry processing plant.
Sierra Rutile will now commence a study into how best to separate and recover the REOs from the HTTs. This will consider both the optimization of Sierra Rutile's existing dry processing plant and the potential addition of further processing facilities to realize the value of the REO in the HTTs. Sierra Rutile will also analyse its existing stockpiles of HTTs from historical production to determine the availability of REOs in these stockpiles. The Company will announce the results of the study and analysis in due course.
John Sisay, Chief Executive Officer of Sierra Rutile, commented, "The independent confirmation of rare earth mineralization in the tailings stream is a positive step and we now have clarity on the type and extent of these minerals. Sierra Rutile is assessing the feasibility of future rare earth production given the relatively attractive cost position of processing rare earths which are already extracted and significantly refined as part of our normal rutile separation process. The market dynamics and long-term fundamentals of the REO industry are attractive and we have therefore taken the decision to proceed with further studies."
Sierra Rutile's existing operations generate approximately one tonne of HTTs for every two tonnes of rutile produced. The Company's 2010 rutile production of 68,000 tonnes produced approximately 34,000 tonnes of HTT last year.
Samples from 14 locations in the HTT stream were analysed by SGS. Locations were chosen based on processing methods, the conductivity and radioactivity of processed material, and the chemical properties of REOs.
The distribution of REOs compare well to the deposits of non-Chinese rare earths companies (the "Comparator Group", as defined below) (refer to Figure 1). None of the Comparator Group companies are in commercial production at this stage.
Figure 1
Rare Earth Distributions
SRX Tailings sampled - Rare Earth Distribution (%)1
Rare Earth Comparator Group Distribution (%) 2
Light Rare Earths
Lanthanum
22.78%
21.34%
Cerium
49.33%
40.83%
Praesoodymium
4.84%
4.57%
Neodymium
19.37%
16.14%
Samarium
2.56%
2.60%
Heavy Rare Earths
Europium
0.08%
0.37%
Gadolinium
0.57%
1.55%
Terbium
0.05%
0.29%
Dysprosium
0.14%
1.48%
Holmium
0.03%
0.27%
Erbium
0.10%
0.76%
Ytterbium
0.15%
0.67%
Lutetium
Testing in Process
0.12%
Other
Yttrium
Testing in Process
8.62%
Scandium
Testing in Process
0.00%
Other
0.00%
0.40%
Total
100.00%
100.00%
1 Testing of yttrium, lutetium and scandium is still in process.
2 Comparator group comprises rare earth companies only, including Lynas, Molycorp, Great Western Minerals, Arafura, Avalon, Quest, Rare Element and Ucore
Using the samples tested by SGS and applying current REO prices, the potential value of the total contained REOs in the sampled HTT stream is US$104.2/kg of REO. This value excludes yttrium, lutetium and scandium, for which testing remains ongoing. The US$104.2/kg of REO compares favourably to the Comparator Group, for which the contained value of REOs is US$111.5/kg of REO (refer to figure 2). The REO grade of the HTT samples, as tested independently, is 2.2%, implying a REO value of approximately US$2,258 per tonne of HTT.
Figure 2
Value of REOs in tailings
SRX sample tailings - value of processed REO (US$/kg) 3
Rare Earth Comparator Group (US$/kg)
Light Rare Earths
Lanthanum
20.5
19.2
Cerium
44.4
36.8
Praesoodymium
6.5
6.1
Neodymium
28.1
23.4
Samarium
2.3
2.3
Heavy Rare Earths
Europium
0.6
2.7
Gadolinium
0.6
1.6
Terbium
0.3
2.1
Dysprosium
0.6
6.6
Holmium
0.0
0.1
Erbium
0.1
0.4
Ytterbium
0.2
0.9
Lutetium
Testing in Process
0.4
Other
Yttrium
Testing in Process
8.9
Scandium
Testing in Process
-
Total
104.2
111.5
Grade of tailings (%)
2.2%
Implied value of REO in SRX sample tailings (US$/tonne)
2,258.9
3 Prices as at 25 February 2011 from Metals Pages for all elements except holmium, erbium, ytterbium and lutetium, for which estimates have been taken
ENDS
Sierra Rutile Ltd
Rare earth mineralization confirmed at SRL
RNS Number : 2662C
Sierra Rutile Limited
03 March 2011
4 March 2011
SRX:AIM
Rare earth mineralization confirmed at Sierra Rutile mine
Highlights
Rare earths mineralization confirmed by independent laboratory at grades of 2.2% in existing HTT stream
Rare earth mineralization contained in a by-product stream of existing and ongoing rutile production, which has already been mined and partially processed
Study commenced to evaluate processing requirements to further separate and recover rare earths
Sierra Rutile Limited announces that SGS Lakefield Research Limited ("SGS") has confirmed the existence of rare earth oxides ("REOs") at a grade of 2.2% in Sierra Rutile's high-tension tailings ("HTT") stream. As part of the Company's recently announced strategic review update, significant rare earth mineralisation was identified and, following SGS' independent assessment, the Company is now exploring opportunities to refine and market these REO by-products.
The distribution of REOs in the HTTs is attractive and contains high concentrations of neodymium, lanthanum and praseodymium. HTTs are produced from Sierra Rutile's existing dry processing plant and, as such, the REOs are not in the ground, but in a by-product stream from Sierra Rutile's existing production of rutile and ilmenite. The HTTs are the same source from which Sierra Rutile already recovers its zircon by-product by re-processing it through the dry processing plant.
Sierra Rutile will now commence a study into how best to separate and recover the REOs from the HTTs. This will consider both the optimization of Sierra Rutile's existing dry processing plant and the potential addition of further processing facilities to realize the value of the REO in the HTTs. Sierra Rutile will also analyse its existing stockpiles of HTTs from historical production to determine the availability of REOs in these stockpiles. The Company will announce the results of the study and analysis in due course.
John Sisay, Chief Executive Officer of Sierra Rutile, commented, "The independent confirmation of rare earth mineralization in the tailings stream is a positive step and we now have clarity on the type and extent of these minerals. Sierra Rutile is assessing the feasibility of future rare earth production given the relatively attractive cost position of processing rare earths which are already extracted and significantly refined as part of our normal rutile separation process. The market dynamics and long-term fundamentals of the REO industry are attractive and we have therefore taken the decision to proceed with further studies."
Sierra Rutile's existing operations generate approximately one tonne of HTTs for every two tonnes of rutile produced. The Company's 2010 rutile production of 68,000 tonnes produced approximately 34,000 tonnes of HTT last year.
Samples from 14 locations in the HTT stream were analysed by SGS. Locations were chosen based on processing methods, the conductivity and radioactivity of processed material, and the chemical properties of REOs.
The distribution of REOs compare well to the deposits of non-Chinese rare earths companies (the "Comparator Group", as defined below) (refer to Figure 1). None of the Comparator Group companies are in commercial production at this stage.
Figure 1
Rare Earth Distributions
SRX Tailings sampled - Rare Earth Distribution (%)1
Rare Earth Comparator Group Distribution (%) 2
Light Rare Earths
Lanthanum
22.78%
21.34%
Cerium
49.33%
40.83%
Praesoodymium
4.84%
4.57%
Neodymium
19.37%
16.14%
Samarium
2.56%
2.60%
Heavy Rare Earths
Europium
0.08%
0.37%
Gadolinium
0.57%
1.55%
Terbium
0.05%
0.29%
Dysprosium
0.14%
1.48%
Holmium
0.03%
0.27%
Erbium
0.10%
0.76%
Ytterbium
0.15%
0.67%
Lutetium
Testing in Process
0.12%
Other
Yttrium
Testing in Process
8.62%
Scandium
Testing in Process
0.00%
Other
0.00%
0.40%
Total
100.00%
100.00%
1 Testing of yttrium, lutetium and scandium is still in process.
2 Comparator group comprises rare earth companies only, including Lynas, Molycorp, Great Western Minerals, Arafura, Avalon, Quest, Rare Element and Ucore
Using the samples tested by SGS and applying current REO prices, the potential value of the total contained REOs in the sampled HTT stream is US$104.2/kg of REO. This value excludes yttrium, lutetium and scandium, for which testing remains ongoing. The US$104.2/kg of REO compares favourably to the Comparator Group, for which the contained value of REOs is US$111.5/kg of REO (refer to figure 2). The REO grade of the HTT samples, as tested independently, is 2.2%, implying a REO value of approximately US$2,258 per tonne of HTT.
Figure 2
Value of REOs in tailings
SRX sample tailings - value of processed REO (US$/kg) 3
Rare Earth Comparator Group (US$/kg)
Light Rare Earths
Lanthanum
20.5
19.2
Cerium
44.4
36.8
Praesoodymium
6.5
6.1
Neodymium
28.1
23.4
Samarium
2.3
2.3
Heavy Rare Earths
Europium
0.6
2.7
Gadolinium
0.6
1.6
Terbium
0.3
2.1
Dysprosium
0.6
6.6
Holmium
0.0
0.1
Erbium
0.1
0.4
Ytterbium
0.2
0.9
Lutetium
Testing in Process
0.4
Other
Yttrium
Testing in Process
8.9
Scandium
Testing in Process
-
Total
104.2
111.5
Grade of tailings (%)
2.2%
Implied value of REO in SRX sample tailings (US$/tonne)
2,258.9
3 Prices as at 25 February 2011 from Metals Pages for all elements except holmium, erbium, ytterbium and lutetium, for which estimates have been taken
ENDS
gibby - 03 Mar 2011 14:47 - 2 of 33
a sea of blue - 100k just bought!! lol
yeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
yeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
Time Traveller
- 03 Mar 2011 15:17
- 3 of 33
My accountant mate used to work for Titanium Resources (now Sierra Rutile) and wouldn't trust the pronouncements from senior management. He always thought they were good fiction writers. This share is being ramped up big time!
Caveat emptor is the motto to remember here.
Caveat emptor is the motto to remember here.
gibby - 03 Mar 2011 15:37 - 4 of 33
strong buying - hardly any sells - invest your rrl profits wisely here!!! lol lol
gibby - 03 Mar 2011 15:40 - 5 of 33
tt - apart from that nothing to worry about then - they sound like upstanding honest citizens - lol
tell them to become politicians
yeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
tell them to become politicians
yeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
gibby - 03 Mar 2011 15:52 - 6 of 33
well i'm loaded up for a storminstart tomorrow morning and hopefully a few more points before close
lol
kerrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnnngggggggggggggggggggggggggggggggggggg
lol
kerrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnnngggggggggggggggggggggggggggggggggggg
gibby - 03 Mar 2011 15:55 - 7 of 33
nearly forgot - under pinned...
Company EPIC/TIDM SEDOL/ISIN
Print Thursday 03 March, 2011
Sierra Rutile Ltd
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
RNS Number : 2878C
Sierra Rutile Limited
03 March 2011
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached: ii
Sierra Rutile Ltd
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the
notification obligation: iii
Prudential plc group of companies
4. Full name of shareholder(s)
(if different from 3.):iv
See attached schedule
5. Date of the transaction and date on
which the threshold is crossed or
reached: v
01 March 2011
6. Date on which issuer notified:
02 March 2011
7. Threshold(s) that is/are crossed or
reached: vi, vii
19%
8. Notified details:
A: Voting rights attached to shares viii, ix
Class/type of
shares
if possible using
the ISIN CODE
Situation previous
to the triggering
transaction
Resulting situation after the triggering transaction
Number
of
Shares
Number
of
Voting
Rights
Number
of shares
Number of voting
rights
% of voting rights x
Direct
Direct xi
Indirect xii
Direct
Indirect
VGG889921059
61,500,000
61,500,000
99,400,000
99,400,000
19.89%
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument
Expiration
date xiii
Exercise/
Conversion Period xiv
Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.
% of voting
rights
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial
instrument
Exercise price
Expiration date xvii
Exercise/
Conversion period xviii
Number of voting rights instrument refers to
% of voting rights xix, xx
Nominal
Delta
Total (A+B+C)
Number of voting rights
Percentage of voting rights
99,400,000
19.89%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
Prudential plc (parent Company)
M&G Group Limited (wholly owned subsidiary of Prudential plc)
M&G Limited (wholly owned subsidiary of M&G Group Limited)
M&G Investment Management Limited (wholly owned subsidiary of M&G Limited)
M&G Securities Limited (wholly owned subsidiary of M&G Limited)
Company EPIC/TIDM SEDOL/ISIN
Print Thursday 03 March, 2011
Sierra Rutile Ltd
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
RNS Number : 2878C
Sierra Rutile Limited
03 March 2011
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached: ii
Sierra Rutile Ltd
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the
notification obligation: iii
Prudential plc group of companies
4. Full name of shareholder(s)
(if different from 3.):iv
See attached schedule
5. Date of the transaction and date on
which the threshold is crossed or
reached: v
01 March 2011
6. Date on which issuer notified:
02 March 2011
7. Threshold(s) that is/are crossed or
reached: vi, vii
19%
8. Notified details:
A: Voting rights attached to shares viii, ix
Class/type of
shares
if possible using
the ISIN CODE
Situation previous
to the triggering
transaction
Resulting situation after the triggering transaction
Number
of
Shares
Number
of
Voting
Rights
Number
of shares
Number of voting
rights
% of voting rights x
Direct
Direct xi
Indirect xii
Direct
Indirect
VGG889921059
61,500,000
61,500,000
99,400,000
99,400,000
19.89%
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument
Expiration
date xiii
Exercise/
Conversion Period xiv
Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.
% of voting
rights
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial
instrument
Exercise price
Expiration date xvii
Exercise/
Conversion period xviii
Number of voting rights instrument refers to
% of voting rights xix, xx
Nominal
Delta
Total (A+B+C)
Number of voting rights
Percentage of voting rights
99,400,000
19.89%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
Prudential plc (parent Company)
M&G Group Limited (wholly owned subsidiary of Prudential plc)
M&G Limited (wholly owned subsidiary of M&G Group Limited)
M&G Investment Management Limited (wholly owned subsidiary of M&G Limited)
M&G Securities Limited (wholly owned subsidiary of M&G Limited)
gibby - 03 Mar 2011 16:05 - 8 of 33
blue rules - lol
very strong support
http://www.screencast.com/users/sniffer78/folders/Jing/media/92bd7a03-be59-4ea3-90c2-aeb7da88cce7
very strong support
http://www.screencast.com/users/sniffer78/folders/Jing/media/92bd7a03-be59-4ea3-90c2-aeb7da88cce7
gibby - 03 Mar 2011 16:19 - 9 of 33
yeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
http://www.screencast.com/users/sniffer78/folders/Jing/media/087ffbe4-4c67-4274-bb49-e50aa3cf305c
roll on tomorrow morning toooooooooooooooooooooooooo!!
http://www.screencast.com/users/sniffer78/folders/Jing/media/087ffbe4-4c67-4274-bb49-e50aa3cf305c
roll on tomorrow morning toooooooooooooooooooooooooo!!
gibby - 04 Mar 2011 08:18 - 10 of 33
yeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
more kerrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnggggggggggggggggggggggggggggg
and more good news - note CHINA............................
The Chinese Government is ready to build a new airport for Sierra Leone; Chinese Ambassador to Sierra Leone is quoted as saying. Kuang Weilin has reportedly said it is the duty of the Chinese Government to help Sierra Leone, while describing the bilateral relationship of the two countries as brotherly. China, he said, will continue to help Sierra Leone realize its development dreams
http://news.sl/drwebsite/publish/article_200517436.shtml
more kerrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnggggggggggggggggggggggggggggg
and more good news - note CHINA............................
The Chinese Government is ready to build a new airport for Sierra Leone; Chinese Ambassador to Sierra Leone is quoted as saying. Kuang Weilin has reportedly said it is the duty of the Chinese Government to help Sierra Leone, while describing the bilateral relationship of the two countries as brotherly. China, he said, will continue to help Sierra Leone realize its development dreams
http://news.sl/drwebsite/publish/article_200517436.shtml
gibby - 04 Mar 2011 08:22 - 11 of 33
from the other side....
'MM'S will need the mother of all shakes to stop the SRX rocket, this is just the start. Molycorp not even in production and $49.00 a share we have 77mill of rare earth per annum partly processed WOW yahooooooooo;-)'
'MM'S will need the mother of all shakes to stop the SRX rocket, this is just the start. Molycorp not even in production and $49.00 a share we have 77mill of rare earth per annum partly processed WOW yahooooooooo;-)'
gibby - 04 Mar 2011 09:22 - 12 of 33
lol a little shake - now over - stiil good entry sp!
Time Traveller
- 07 Mar 2011 12:55
- 13 of 33
And down she goes.....
gibby - 09 Mar 2011 07:40 - 14 of 33
tt - lol - that's aim - it will bounce back again... gl
Settlement as of 08/03/2011, at 5:45 p.m.
Sierra Rutile Limited Com Npv in disarray as it suffers losses of -7.43%. The stock opened stable against the previous close, but then gradually declined in the course of the session. The analysis of Sierra Rutile Limited Com Npv's share price on a weekly basis highlights its bullish trend line, as it outperforms the benchmark. Thus the share is attracting more interest from the market than the index.
Status and Trend Analysis
There are signals for gains in the short-term with the most immediate resistance seen at 28.33 and support of the current trading range at 17.58. Sierra Rutile Limited Com Npv's steady uptrend is supported by the crossing of the 5-day moving average above the 34-day moving average. Based on the technicals, we can expect to see the bulls headed for the 39.08 level.
Risk Analysis
Here is an investment for risk-loving investors, who will choose to venture large sums despite the security's high daily volatility of 19.56. With daily volume equalling 1,660,279, above the moving average of 0, Sierra Rutile Limited Com Npv is clearly attracting interest in the market.
Settlement as of 08/03/2011, at 5:45 p.m.
Sierra Rutile Limited Com Npv in disarray as it suffers losses of -7.43%. The stock opened stable against the previous close, but then gradually declined in the course of the session. The analysis of Sierra Rutile Limited Com Npv's share price on a weekly basis highlights its bullish trend line, as it outperforms the benchmark. Thus the share is attracting more interest from the market than the index.
Status and Trend Analysis
There are signals for gains in the short-term with the most immediate resistance seen at 28.33 and support of the current trading range at 17.58. Sierra Rutile Limited Com Npv's steady uptrend is supported by the crossing of the 5-day moving average above the 34-day moving average. Based on the technicals, we can expect to see the bulls headed for the 39.08 level.
Risk Analysis
Here is an investment for risk-loving investors, who will choose to venture large sums despite the security's high daily volatility of 19.56. With daily volume equalling 1,660,279, above the moving average of 0, Sierra Rutile Limited Com Npv is clearly attracting interest in the market.
gibby - 11 Mar 2011 08:04 - 15 of 33
fantastic news - limited shares in circulation - would expect good northerlys today finish day 26 to 30p minimum
keeeerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnngggggggggggggggggggggggggggggggggggggggg just right for the weekend!!! lol
Print Mail a friend
Friday 11 March, 2011
Sierra Rutile Ltd
Early repayment of ?13.0 million of debt to GOSL
RNS Number : 7598C
Sierra Rutile Limited
11 March 2011
SRX:AIM
Sierra Rutile Limited
Early repayment of 13.0 million of debt to Government of Sierra Leone
Sierra Rutile Limited announces that, following its successful 11.4 million (US$ 18.3 million) equity placing, it has made a partial repayment of 13.0 million (US$18.0 million) of its subsidiary's loan from the Government of Sierra Leone.
As a result of the repayment, Sierra Rutile is now well positioned to further the development of its business as it continues its strategic review, designed to substantially increase production and derive full benefit from all minerals in its production stream. Furthermore, the repayment ahead of schedule reflects the company's commitment to good corporate citizenship and to its relationship with the Government and country of Sierra Leone.
An agreement has been reached with the Government of Sierra Leone such that the next principal repayment on the loan will be in June 2013. Subsequently the interest repayments in 2012 will now be lower by 0.7 million (US$1.0 million).
The equity placing and early repayment has also significantly improved the financial position of the Company. Sierra Rutile is now well-capitalized, with net debt at less than US$10.0 million, and gearing1 at approximately 5%2.
This financial flexibility positions Sierra Rutile well as it continues to develop its business in Sierra Leone. As part of its ongoing strategic review, Sierra Rutile is evaluating options for the improvement of its operational performance and is assessing the potential to extract rare earths from its mine tailings.
The loan was taken out for the restart of Sierra Rutile's mine in 2005 and was funded under a European Commission programme. 23.7 million (US$32.7 million) of principle remains due on the loan.
John Sisay, Chief Executive Officer commented:
"The early repayment is good news for both Sierra Rutile and the Government of Sierra Leone. I believe it underlines Sierra Rutile's commitment to the country and its people. The financial flexibility we now have positions us well as we continue to execute our strategic review. The mineral sands market remains strong with a positive outlook and I look forward to updating shareholders in due course on our progress."
__________________
1 Gearing defined as net debt divided by market capitalization
2 Market capitalization at close on 9 March 2011
March 11, 2011
ENDS
Contacts:
Sierra Rutile Limited
John Sisay, Chief Executive
Telephone: +44 (0) 207 321 0000
keeeerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnngggggggggggggggggggggggggggggggggggggggg just right for the weekend!!! lol
Print Mail a friend
Friday 11 March, 2011
Sierra Rutile Ltd
Early repayment of ?13.0 million of debt to GOSL
RNS Number : 7598C
Sierra Rutile Limited
11 March 2011
SRX:AIM
Sierra Rutile Limited
Early repayment of 13.0 million of debt to Government of Sierra Leone
Sierra Rutile Limited announces that, following its successful 11.4 million (US$ 18.3 million) equity placing, it has made a partial repayment of 13.0 million (US$18.0 million) of its subsidiary's loan from the Government of Sierra Leone.
As a result of the repayment, Sierra Rutile is now well positioned to further the development of its business as it continues its strategic review, designed to substantially increase production and derive full benefit from all minerals in its production stream. Furthermore, the repayment ahead of schedule reflects the company's commitment to good corporate citizenship and to its relationship with the Government and country of Sierra Leone.
An agreement has been reached with the Government of Sierra Leone such that the next principal repayment on the loan will be in June 2013. Subsequently the interest repayments in 2012 will now be lower by 0.7 million (US$1.0 million).
The equity placing and early repayment has also significantly improved the financial position of the Company. Sierra Rutile is now well-capitalized, with net debt at less than US$10.0 million, and gearing1 at approximately 5%2.
This financial flexibility positions Sierra Rutile well as it continues to develop its business in Sierra Leone. As part of its ongoing strategic review, Sierra Rutile is evaluating options for the improvement of its operational performance and is assessing the potential to extract rare earths from its mine tailings.
The loan was taken out for the restart of Sierra Rutile's mine in 2005 and was funded under a European Commission programme. 23.7 million (US$32.7 million) of principle remains due on the loan.
John Sisay, Chief Executive Officer commented:
"The early repayment is good news for both Sierra Rutile and the Government of Sierra Leone. I believe it underlines Sierra Rutile's commitment to the country and its people. The financial flexibility we now have positions us well as we continue to execute our strategic review. The mineral sands market remains strong with a positive outlook and I look forward to updating shareholders in due course on our progress."
__________________
1 Gearing defined as net debt divided by market capitalization
2 Market capitalization at close on 9 March 2011
March 11, 2011
ENDS
Contacts:
Sierra Rutile Limited
John Sisay, Chief Executive
Telephone: +44 (0) 207 321 0000
gibby - 11 Mar 2011 08:57 - 16 of 33
lol - dont let the importance of this rns pass you by! lol
sp imo bargain right now
i would not wanna be outta srx over the weekend - lol!!!
sp imo bargain right now
i would not wanna be outta srx over the weekend - lol!!!
gibby - 11 Mar 2011 08:57 - 17 of 33
tt - good time for you to invest here!!
gibby - 11 Mar 2011 08:58 - 18 of 33
i know you are a secret admirer of srx - lol
Time Traveller
- 11 Mar 2011 09:02
- 19 of 33
Gibby,
Sorry, wouldn't touch it with a bargepole unless I was shorting it!
Sorry, wouldn't touch it with a bargepole unless I was shorting it!
gibby - 11 Mar 2011 10:23 - 20 of 33
hello tt - i thought you were? lol
ok each to their own - i respect all opinions and take on board all comments - gl
but today's rns alone will save srx 0.7M - that can not be denied
http://www.proactiveinvestors.co.uk/companies/news/26282/sierra-rutile-repays-13-million-to-sierra-leone-government-ahead-of-schedule-26282.html
ok each to their own - i respect all opinions and take on board all comments - gl
but today's rns alone will save srx 0.7M - that can not be denied
http://www.proactiveinvestors.co.uk/companies/news/26282/sierra-rutile-repays-13-million-to-sierra-leone-government-ahead-of-schedule-26282.html
gibby - 11 Mar 2011 10:30 - 21 of 33
this saving was previously not factored in
always worth remembering the gov connections and good working relationships here - you know whats governments can be like if not.... that to me is worth a huge unspecified amount that money can not buy (not officially anyhow!) lol
always worth remembering the gov connections and good working relationships here - you know whats governments can be like if not.... that to me is worth a huge unspecified amount that money can not buy (not officially anyhow!) lol
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