Sierra Rutile Holdings of Sierra Leone Culminated a 38% rise in Revenue for the whole Year finished up in December 2022 on the Posterior of Improved Production and Higher Rutile Prices ASX-listed

By Abdul Rahman Bangura-

Map showing study areas (highlighted in yellow)-Sierra Rutile Limited (Rutile Gbangbama), Octea Mining Company (Kono-Yengema), and SL Mining (Marampa-(Lunsar)
Photo Credit: ResearchGate

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Dividend for the entire year touched $254-million while income before interest, taxes, diminishment and amortization $254 million) reached $57.8-million and net profits after tax reached $75.6-million.

The firm noted that rutile production from its operation of 75.6 million Leone had risen by virtually 9000 tons the prior corresponding period, to 136,000 tons, with rutile sales up 9% to 142,000 tons.

“This was a strong year for Sierra Rutile, with consistently improved operations and demand and higher prices for rutile supporting our revenue, Ebitda, and net profit after tax growth,” announced Sierra Rutile Managing Director and Chief Executive Officer – Theuns de Bruyn.

“Despite the record rainfall at the site in the third quarter of 2022, improved performance levels were achieved for Area 1 over the year, with 2022 production and operating costs in line with expectations. The Area 1 life-of-mine extension programme is steadily progressing with a revised reserve estimate due to be announced with our annual report next month.

“Sembehun continues to represent the long-term opportunity for Sierra Rutile and completion of the definitive feasibility study and EISHA in late 2023 are expected to confirm the project’s potential. We continue to carry out our ESG efforts, resulting in the successful rehabilitation of 150… of previously distributed land, and the deep ties in the Sierra Leone community allow us to continue to contribute to the country’s growth and employment. This is an exciting time for Sierra Rutile with the outlook for rutile demand and prices remaining promising, and we look forward to sharing our operational and development milestones in 2023, the Sierra Rutile has established an output target of between 140,000 tons and 14,000 tons at a cash payment of production of between $ 165 million to $ 180 million.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent