Titanium Resources Group issued today an update outlining positive developments in recent production, marketing and operations.
Titanium Resources, the AIM-listed mining company, owns a number of mining, exploration and marketing companies, including a large holding in the company Sierra Leone.
The Company told shareholders that rutile production was up 96.8% in Q4 2009 compared with the previous quarter, contributing over 21,514 to an annual figure of 63,864 tonnes. The good news extended to other production lines, where the Company produced over 15,161 tonnes of ilmenite and 8,501 tonnes of zircon concentrate in the year to 31st December, 2009.
According to the Company, these positive developments, resulting in a price increase of between 4-6%, can be attributed to the purchase of new mining equipment (an IMS Versi-Dredge) during the period of depressed prices in Q3 2009. This new equipment will be deployed in Spring 2010 to increase overall production at the Mogbwemo Tailings site.
The Company placed $25 million in November and indicated that developments associated with this (Dredge D3, upgrades to the wet plant and land plant) are continuing.
The Company also announced the appointment of Neil Gawthorpe as its new Marketing Director.
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