6 Jul 2011 10:23
Sierra Rutile Limited
AGM Address to Shareholders and Results of AGM
6 July 2011: Sierra Rutile Limited ("The Company") has today held its Annual General Meeting at 10:00 am. Speaking at the AGM, John Sisay, Chief Executive, said:
"Following the challenges of 2010 there have been a number of major developments at the Company in the current year. These include a significant strengthening of the Board and senior management team, the identification and ongoing implementation of significant operational improvements as well as a change in the Company's name to Sierra Rutile Limited.
The Company's senior management team has been significantly strengthened this year with a reorganisation of senior personnel and several key appointments including Joseph Connolly's and Andrew Taylor's appointments as CFO and COO respectively. I believe the team that's now in place has the right skills and experience to implement and manage the changes and expansion which are underway at SRL.
In May the Board approved a US$14 million capital expenditure programme for the year. This money is now being spent on essential maintenance and refurbishments to improve production and maximise efficiency at our current operations. As a result of this capital expenditure we are expecting to see increased production levels from existing assets in 2012.
Production levels in the first half of the year are consistent with the Company's expectations that full year 2011 production will be broadly in line with 2010 production volumes.
The Company also continues to be extremely encouraged by the current price trends within the titanium feedstock industry and has recently concluded negotiations for a small amount of previously uncontracted Q4 2011 industrial grade rutile production at a 100% premium to prices achieved earlier this year."
At today's AGM all resolutions were carried.
ENDS
Sierra Rutile Limited
John Sisay, Chief Executive
Tel: +44 (0) 207 321 0000
Collins Stewart Europe Limited
Nominated Adviser and Joint Broker
John Prior
Telephone: +44 (0) 20 7523 8350
Mirabaud Securities LLP
Joint Broker
Peter Krens
Telephone: +44 (0) 20 7321 2508
Aura Financial
Andy Mills / Harry Cameron
Tel: +44 (0) 207 321 0000