Titanium Resources Group
|Limited (AIM: TXR.L|
|Headquarters||London & Freetown|
John Sisay, Chief Executive Officer|
Jean Lindberg Charles, Chief Financial Officer
Wayne Malouf, Non-Executive Chairman
Mark Button, Chief Operating Officer
Neil Gawthorpe, Marketing Director
The company owns the Sierra Rutile Mine (controlled through Sierra Rutile Limited). The mining operations account for 65% of Sierra Leone's exports and produce about 23% of the world's supply of natural Rutile, salable amounts of Bauxite, and in 2010 - Zircon. The company attempted to make the mining operation as self-sufficient as possible, by building a dedicated port, power station, power grid and water supply system. They also built housing, medical and recreational facilities for their workers. In 1995 the company abandoned their operation because of the Sierra Leone Civil War.
In January 2005, the company agreed a mining lease covering 580 km² of South West Sierra Leone, about 150 km South East of the capital.
On 28 February 2005, the company announced that they were beginning refurbishment of the Sierra Rutile Mine, to be completed in early 2006. Later in the year, they announced that they were to restart their SML Bauxite mine also. In December 2005 they acquired the Rotifunk mineral sands prospect, also in Sierra Leone, from Gondwana Investements S.A. for US$120000. In January, 2006, they completed refurbishment and commissioned their primary bucket line dredge (Dredge D1), and so restarted the SML Bauxite Project.
In December 2007 a second Dredge D2 commenced production at the company's Sierra Rutile Mine, increasing capacity to 200,000 tonnes per annum. Dredge D2 was a complete unit comprising a bucket ladder dredge and heavy mineral separation plant mounted on a single pontoon.
During July 2008 the company announced the disposal of Global Aluminium Limited to Vimetco N.V., a group owned by Vitaliy L. Machitski, for a total cash consideration of US$40 million. Global Aluminium Limited, a wholly owned subsidiary of the company, owns 100% of Sierra Mineral Holdings 1, Ltd, the operating company for the company's SML bauxite mine in Sierra Leone.
On 25 July 2008 trading in the company's shares was suspended on AIM market of the London Stock Exchange after it was announced Dredge D2 had capsized resulting in the loss of two lives. The company had insurance, but it took until 2010 for a resolution with the company's insurers to be agreed when a total of $11m was recovered. Initial estimates believed Dredge D2 could be operational by December 2009 some 14 months of the accident, this was later increased to $35m and 2 years.
16 November 2009 the company raised $25m via a placing of 151,200,000 new shares at 10 pence. The proceeds of which will fund the three projects Dredge D3, upgrade D1 wet processing plant and upgrading the company's land plant. The upgrade to D1 would cost $2 million and increase rutile recovery by 5,000 tonnes and Ilmenite recovery by 1,000 tonnes per annum.
The third dredge would cost $20m adding 30,000 tonnes to annual capacity. Production was due to start in Q1 2010 and take 12 months to complete, the company later took some time to review this ambitious production schedule to redesign the dredge in order to reduce the build cost and increase its operating efficiencies.
Pala Investment Holding Limited
In September 2010 it was announced that Pala took a 29.8% holding in TXR after acquiring the majority of the Ordinary Shares held by Mr Jean-Raymond Boulle - the previous majority share holder.
Pala is a US$1 billion multi-strategy investment company with a particular focus on mining and natural resource companies in both developed and emerging markets. Pala's exclusive investment advisor, Pala Investments AG, is a Swiss-based team with extensive experience within the mining and natural resource sectors. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions.
Government of Sierra Leone
During the second half of 2010 a dispute arose between the Government of Sierra Leone and Sierra Rutile Limited over the non payment of certain interest payments regarding a loan from the government. A resolution to the dispute was agreed in December 2010 when the government withdrew its request for the payment by Sierra Rutile Limited of all accrued interest plus the accrued balance and capital interest owing. Further, the government acknowledged that no event of default or potential event of default is outstanding, and that it has no claims regarding any prior events of default which may have occurred.
- Board of Directors. "Vimetco N.V." vimetco.com. Retrieved 2 May 2017.
Foley, Stephen (2006-01-23). "Titanium ready to scoop peace dividend in Sierra Leone". The Independent. p. 58. Retrieved 2006-01-23.