Having successfully emerged from a challenging 2010 and having incorporated several new changes into its corporate and operational structure, Sierra Rutile Limited last week released its audited Preliminary Financial Results for the end of the year, with many positive developments.
Among successes record are the increase in sales, the generation of cash, increase in rutile production and the potential discovery of rare earth minerals.
Furthermore, management confirmed that the Sierra Rutile mine is one of the largest natural rutile deposits in the world, and believes that future demand will increase for its products and that rutile prices will continue to increase in 2011 and 2012, as demand continues to outpace supply.
The report stated the health and safety of the Rutile workforce is the company’s first and foremost consideration, as they have been a positive force in the community.
Accordingly, Sierra Rutile pursues a number of initiatives and partnerships including the Sierra Rutile Foundation and the Sierra Rutile Technical Institute, designed to improve the lives and employment opportunities of the people living in the communities around its operation.
Sierra Rutile’s Chief Executive, John Sisay, commented that “Sierra Rutile is a revitalized company. 2010 saw significant developments at the company which have continued into 2011 and much have been achieved”.
We have also expanded our management team adding, “the necessary skills and experience to both turn around our existing operations and to undertake expansion projects we expect to embark upon during 2012. We are now positioned strongly for 2012 and onwards,” he echoed.
The Report further stated that while 2011 will be a transitional year for the company, Sierra Rutile expects to soon begin seeing the effects of operational improvements and capital investments.
The company is also currently developing life of mine plans and revised five-year financial forecasts, as well as formalizing governance policies and upgrading monitoring systems. Mr. Sisay concluded, “the board and management of Sierra Rutile are dedicated to realizing the full potential of the company’s world class asset.
By combining our strong commitment to our workforce and local communities with a methodical approach to structure and management, we believe we are laying the foundation for the delivery of long-term value for all our stakeholders.”
By Poindexter Sama