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Sierra Rutile sets FY'16 production guidance of up to 135,000 tonnes of rutile

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Sierra Rutile sets FY'16 production guidance of up to 135,000 tonnes of rutile

Sierra Rutile Ltd.said March 31 that it set a rutile production guidance ranging from 120,000 tonnesto 135,000 tonnes this year, in line with its 2015 output of 126,021 tonnes.

The output of the mineral is expected to be seasonally lower,at around 26,000 tonnes, in the first quarter.

"The anticipated completion of the first stage of expansionof the Gangama drymine in June, followed by the potential bolt-on expansions to Gangama and the Lantidry mine, give the group the added flexibility to respond to any increase in demandin a capital efficient and flexible manner," CEO John Sisay said.

These growth projects give the company the potential to produceover 200,000 tonnes of rutile by 2018.

The commissioning of the Gangama dry mine is also expected tobenefit the company by reducing production cash costs to US$540 per tonne to US$590per tonne from the US$614 per tonne recorded in 2015.

The company's loss before tax in 2015 widened to US$9.4 millionfrom US$8.9 million. Net debt increased to US$46.4 million from US$36.4 million.