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Sierra Rutile ups FY'16 production target

Iluka Resources Ltd.'s takeover target Sierra Rutile Ltd. on Sept. 30 posted a 15% year-on-year increase in rutile production to 61,408 tonnes during the first half of 2016, driven by improvements to plant utilization and availability.

The London-listed miner now expects to produce between 135,000 tonnes and 145,000 tonnes of rutile this year, up from previous expectations in the range of 120,000 tonnes to 135,000 tonnes.

As a result of the increase in output, Sierra Rutile anticipates cash costs to be towards the lower end of its guidance range of US$540 per tonne to US$590 per tonne.

The company posted a loss before taxes of US$19.8 million for the six-month period, widening from a loss of US$2.6 million the year before, while revenues increased to US$47.9 million from US$45.7 million in the first half of 2015.

The planned tie up between Sierra Rutile and Iluka Resources was delayed earlier in September, pending a phase-two review by the German Antitrust Authority.