Mining firm raises $25m to expand in Sierra Leone
TITANIUM Resources, the AIM-listed miner, has raised $25m (£15.1m) to fund an expansion at its operations in Sierra Leone.
The company will announce today that 151.2m shares were placed at 10p a share in its recent capital raising.
Titanium, which is digging up one of the world’s biggest deposits of rutile (titanium dioxide), said it will use $20m to fund dredge equipment to expand the mine’s potential production capacity.
The “Dredge D3” will add 30,000 tonnes per annum of rutile production and increase the company’s share of the world’s known rutile supply to 30 per cent. A further $2m is for upgrading an existing dredge and the remaining proceeds is for an upgrade of the company’s processing plant.
Titanium said it was on track to achieve targeted production of 65,000 tonnes of rutile and 8,000 tonnes of zircon concentrate this year.