Sierra Rutile Limited

Sierra Rutile Limited

Mining

Freetown, Freetown 14,178 followers

One of the world’s largest natural rutile producers

About us

Sierra Rutile (ASX: SRX) is a multi-mine leading mineral sands operation operating world-class assets in Sierra Leone. Its operations straddle the Bonthe and Moyamba districts in southern Sierra Leone with over 2,200 employees, representing one of the largest private employers in Sierra Leone. The company is headquartered in Freetown, Sierra Leone’s capital. Its corporate office is in Perth, Western Australia.

Industry
Mining
Company size
1,001-5,000 employees
Headquarters
Freetown, Freetown
Type
Public Company
Founded
1971
Specialties
Mineral Sands, Mining, and Mineral Processing

Locations

Employees at Sierra Rutile Limited

Updates

  • This morning, our CEO, Lima Sufian-Kargbo, chaired the Council and Special General Meeting of the Sierra Leone Chamber of Mines. During the meeting, we deliberated on our ongoing efforts and necessary procedural requirements to re-register the Chamber with the Corporate Affairs Commission (CAC) to ensure full compliance with Sierra Leone’s new corporate governance regulations. As the only remaining permanent members of the Chamber, Sierra Rutile and Koidu Holdings S.A Holdings played a key role in this important session, which welcomed new members to the Chamber and reinforced its long-standing position in shaping Sierra Leone's mining sector. The Chamber was originally established in 1965 and again in 2013 following the hiatus during the civil war. Ing. Tani Pratt of Cemmats Group Limited, a mining luminary in Sierra Leone with an expansive career in the sector including at Sierra Rutile Limited in several capacities, provided participants with a brief overview of the Chamber’s history.   We look forward to continuing our collaboration with all members to leverage the collective strength of the Chamber to achieve meaningful and sustainable outcomes for the entire mining sector. #SierraRutile #SierraLeone #MiningIndustry #Leadership #CorporateGovernance #SLChamberofMines #SLCoM

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  • Sierra Leonean-based company Leonoil has now completed its off-market takeover of Sierra Rutile Limited. Today, Sierra Rutile will be formally removed from the ASX’s official list at the close of trading, bringing to an end an eventful 26-month journey. Sierra Rutile is an important contributor to Sierra Leone and the wider mineral sands industry. Sierra Rutile should now be well-positioned to progress a final investment decision for the development of Sembehun, one of the world’s largest and highest-quality known rutile deposits. Sierra Rutile wishes its new local owners, Leonoil, every success for the future and look forward to the next exciting chapter. #ASXNews #MineralSands #SRX

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  • Today, Sierra Rutile Limited released the company’s Target’s Statement outlining the Sierra Rutile Directors’ response to Leonoil Company Limited’s cash Offer for $0.18 per SRX share with no minimum acceptance condition. Sierra Rutile’s Board continues to recommend shareholders ACCEPT the Leonoil Offer (in the absence of a superior proposal).   The Target’s Statement includes reasons for the directors’ recommendation and other important information for shareholders which should be considered when deciding whether or not to accept the Leonoil Offer.   SRX shareholders should read the Target’s Statement in full here 👉 https://lnkd.in/gHnRaDDs Sierra Rutile has today also provided shareholders with an overview of the current status of control proposals for the company. This includes the Leonoil Offer and prior proposals from PRM Services LLC and Gemcorp Commodities Assets Holdings Limited. The Leonoil Offer is the only offer currently available for SRX shareholders to accept, and no superior proposal is currently anticipated.   Read the overview announcement here 👉 https://lnkd.in/grqRMvBi You should consider the Leonoil Offer having regard to your own personal risk profile, investment strategy and tax circumstances. You should also seek independent financial, legal, taxation or other professional advice that you require prior to deciding what action you should take in respect of the Leonoil Offer. #ASXnews #mineralsands #SRX

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  • Sierra Rutile Limited has entered a Bid Implementation Agreement with Leonoil Company Limited. Leonoil has submitted an all-cash offer of 18 cents per share to acquire all of the issued and outstanding ordinary shares in SRX it does not already own, with no minimum acceptance condition. Sierra Rutile’s Board recommends shareholders ACCEPT THE OFFER once it is open. On the announcement, Sierra Rutile’s Chairman Greg Martin commented: “The Leonoil Offer is all-cash, has no minimum acceptance condition, and is 12.5% higher than the Gemcorp offer, and a remarkable 90% higher than PRM Services LLC’s A$0.095 per share bid announced earlier in March. “The Leonoil Offer better reflects the highly strategic nature of SRX’s existing Area 1 operations and the significance of the Sembehun project, as confirmed by the Definitive Feasibility Study released in April 2024.” Shareholders will receive a Bidder’s Statement from Leonoil setting out the full terms of the Offer and how to accept. This is expected to be sent to shareholders by the end of July 2024 and the Offer will then be open for acceptance. Sierra Rutile will also issue its formal response to the Offer in a Target’s Statement (expected by mid-August 2024), which will contain the Board’s recommendation to shareholders and the reasons for that recommendation. We recommend all shareholders read the announcement in its entirety, which can be accessed here 👉 https://bit.ly/4fraALB Shareholders should consider the Offer having regard to their own personal risk profile, investment strategy and tax circumstances. Shareholders should also seek independent financial, legal, taxation or other professional advice that they require prior to deciding what action to take in respect of the Offer. #ASXnews #SRX #mineralsands

  • This morning, Sierra Rutile Limited announced it entered into a bid implementation agreement with Gemcorp Capital under which Gemcorp will make a Takeover Offer to acquire all of the shares in Sierra Rutile that it does not already own (Offer). Shareholders will receive a formal document (Bidder’s Statement) from Gemcorp setting out the full terms of the Offer and how to accept. This is expected to be sent to shareholders mid-July 2024 and the Offer will then be open for acceptance. Sierra Rutile will also issue its formal response to the Offer in a Target’s Statement (expected by the end of July 2024), which will contain the Board’s recommendation to shareholders and the reasons for that recommendation. Sierra Rutile’s Board recommends shareholders ACCEPT THE OFFER once it is open. Sierra Rutile’s Chairman Greg Martin commented : “We believe Gemcorp’s cash Offer provides compelling value for SRX today, representing a 20.4% premium to the 30-day volume weighted average share price. The Offer is also 68.4% higher than PRM Services LLC’s A$0.095 per share offer price announced in March.   “The Offer better reflects the highly strategic nature of SRX’s existing Area 1 operations and its globally significant Sembehun development project, which was confirmed by the Definitive Feasibility Study released in April 2024.   “The Board of SRX considers the Offer is in the best interests of shareholders, providing the certainty of an attractive all-cash payment to shareholders relative to future development, operational and financial risks. The Board unanimously recommends SRX Shareholders ACCEPT THE OFFER in the absence of a Superior Proposal, and we look forward to working with Gemcorp to implement the transaction.” We recommend all shareholders read the announcement in its entirety, which can be accessed here: https://lnkd.in/g9TeButu Shareholders should consider the Offer having regard to their own personal risk profile, investment strategy and tax circumstances. Shareholders should also seek independent financial, legal, taxation or other professional advice that they require prior to deciding what action to take in respect of the Offer. 

  • Technological advancements and innovation are fundamentally transforming the mining industry. Sierra Rutile Limited (SRL) is at the forefront of this revolution, leveraging cutting-edge technology to enhance efficiency, safety, sustainability, and regulatory compliance. As proud sponsors of the first national tech summit, "Sierra Leone Innovates Tech Summit," hosted by the Ministry of Communication, Technology, and Innovation, SRL showcased our innovative technologies to His Excellency, Julius Maada Bio, the Vice-President, Mohamed Juldeh Jalloh, the Chief Minister, David Moininah Sengeh, the Host Minister, Salima Bah, The Minister of Mines, Julius Mattai, and Deputy Minister of Mines, Umaru Napoleon Koroma.  Our team highlighted the use of satellites for real-time monitoring, AI for predictive analytics, drones for aerial surveys, and 3D scanning for detailed geological mapping. We also presented the Hydrodrone, which conducts underwater surveys and generates bathymetric data. Additionally, our advanced GIS software integrates these technologies, offering comprehensive solutions to modern mining challenges while ensuring positive environmental, social, and governance (ESG) impacts, such as increased worker health and safety, and biodiversity and ecological preservation within our mining lease area.

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  • We are thrilled to announce a historic achievement: as of midnight on May 31, 2024, we have achieved a 0.00 Total Recordable Injury Frequency Rate (TRIFR), 0.00 Loss Time Injury Frequency Rate (LTIFR), and 0.00 Medical Treatment Injury Frequency Rate (MTIFR). This incredible milestone marks a first in our 50+ years of operation and is a testament to the collective dedication and diligence of everyone involved—our Board of Directors, Senior Management, employees, and contractors. Together, we have honoured our individual duties of care, creating a safer workplace for all. Henry Ford once said, "If you think you can, you can. And if you think you can't, you're right." At SRL, we believe we can, and we did! We will continue to build on this success by adopting agreed leadership behaviours, encouraging individual and group ownership of health and safety programs, and continuously improving our practices. For reference, SRL multiplies its frequency rates by 1,000,000 hours to determine our rates. The equation is: (Number of Injuries ÷ Number of Hours Worked) × 1,000,000. We have an estimated 3,000 workers, including employees, fixed-term, casual workers, contractors, and their sub-contractors. Let's keep pushing forward, maintaining our commitment to health and safety, and setting new standards in our industry!

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  • An alternative livelihood support initiative has been launched for five communities around one of Sierra Rutile Limited’s (SRL) mining blocks—Gangama North. Ongoing mining activities in the area have disrupted the primary sources of income for the affected inhabitants. The US$50,000 project fully funded by SRL aims to promote agriculture as a livelihood option, including fishing and farming. SRL's Chief Executive Officer, Theuns DeBruyn, officially handed over three outboard engine boats to the villages of Mokombo, Kortumahun, and Semabu in the Imperi Chiefdom on 21 May 2024. These boats will enable the communities to engage in large-scale fishing expeditions in the Atlantic and Sherbro River. Theuns DeBruyn reaffirmed SRL’s commitment to fulfilling its Corporate Social Responsibilities (CSR) to the communities impacted by its operations. He assured the communities of the company’s dedication to providing similar support whenever necessary. DeBruyn also took the opportunity to thank the stakeholders for their efforts in safeguarding the operational area during the Care and Maintenance period. “I thank all of you very much for the level of support provided during the two-month suspension of operations. We hope that such support will be maintained as we continue our operations in Area-1.” Last year, SRL began mining activities in the tributaries connecting the Sherbro River, where the communities had been practicing subsistence fish farming using dugout canoes. Prior to the commencement of rutile mining in the mangrove swamp there was limited economic activity in the area. Osman Lahai, SRL's Community Relations and Social Development Manager explained that their activities had identified food insecurity and low-income generating activities in the affected communities—Semabu, Taninanhun, Gbangbaia, Kortumahun, and Mokombo—prior to the commencement of Gangama North mining activities. Therefore, it was essential to design an alternative livelihood plan to generate sustainable livelihoods ensuring improvements in their standard of living. Lahai noted that of the five affected communities, three opted for enhanced fish farming support, while the remaining two (Gbangbaia and Taninahun) requested support in crop farming, agro-processing machines, storage for agricultural produce, and drying floors The Regent Chief of Imperi Chiefdom, Chief Leslie Tucker-Thomas, urged the beneficiary communities to make productive use of the project, describing it as “the start of a lifelong community development initiative.” Representatives from the National Minerals Agency (NMA) and other community stakeholders, including Section Chiefs and Councillors, expressed positive sentiments about SRL’s interventions over the years, particularly in communities most affected by its operations. The livelihood plan's design incorporated feedback from community engagement meetings held in October 2023 and aligns with the current SRL Livelihood Plan for 2023/24 for Area 1.

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  • Sierra Rutile Limited (SRL) Commissions newly renovated library at the Impere Secondary School On May 8th, 2024, Theuns de Bruyn, CEO of Sierra Rutile Limited (SRL), commissioned the newly refurbished library at Impere Secondary School, located in Imperi Chiefdom, Bonthe District. Valued at Le495 million, this renovation marks a significant stride in SRL's ongoing commitment to bolstering quality education within its mining communities. Over the years, SRL has been steadfast in its dedication to educational advancement, evidenced by various initiatives such as school construction, provision of furniture, scholarships, and support for school feeding programs across its mining chiefdoms. During the commissioning ceremony, Osman Lahai, SRL's Community Relations and Social Development Manager, highlighted the enduring relationship between SRL and Impere Secondary School, spanning four decades. Lahai shared SRL's contribution, noting that 40% of the school's classroom infrastructure was provided by the company. Additionally, SRL recently erected a three-classroom block, renovated the science laboratory, and furnished the school with science equipment. Umaru Amara, Principal of Impere Secondary School, emphasized the pivotal role of the revamped library in nurturing a conducive learning environment for over 2,000 enrolled students. He noted the broader impact, extending educational benefits to neighboring schools in Bonthe and Moyamba districts. Regent Chief Leslie Tucker-Thomas of Imperi Chiefdom lauded SRL's commitment to community support during his tenure. He extended gratitude to CEO Theuns Debruyn for the company's multifaceted assistance in education, healthcare, sanitation, and agriculture. Reverend Father Swarray, representing the Roman Catholic Mission in Imperi Chiefdom, expressed appreciation for SRL's contributions not only to Impere Secondary School but also to other Catholic institutions within the region. He highlighted the construction of St. Mary's R.C. Primary School in Moriba Town as a testament to SRL's broader community engagement. In his address, CEO Theuns Debruyn reaffirmed SRL's pledge to sustain its educational and social investments in mining communities. He acknowledged the community's unwavering support during the suspension of operations and reiterated SRL's commitment to fostering collaboration and development. Regarding operational updates, Debruyn announced SRL's recommencement of operations on May 8, 2024, expressing gratitude for the community's solidarity during the hiatus. In response to the CEO's announcement, community stakeholders expressed jubilation and offered prayers for continued peace and prosperity in SRL's operational domain.

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  • Today we released our Definitive Feasibility Study (DFS) for Sembehun, outlining the significant strategic value of the Project.   On the result, our Managing Director and CEO Theuns de Bruyn said:   “The Sembehun DFS clearly demonstrates the significant value the Project holds, and the ability of Sembehun to fundamentally change the cost base and economics of mineral sands production by Sierra Rutile.   The current fourteen-year mine life also demonstrates that this is a long-term project with the potential to contribute economic benefits over an extended period of time to both Sierra Rutile and our local stakeholders in Sierra Leone.”   DFS highlights include: • Expected mine life of 14 years and an average of 175ktpa of rutile per annum between 2028 and 2038 • Capex estimate reduced by 11% to US$301 million, a US$36 million reduction on the 2022 Preliminary Feasibility Study • Sembehun Project NPV8 (post-tax, real) US$408 million • LOM EBITDA US$1.7 billion • Sembehun IRR 27.8% (ungeared, post-tax, real)   Read the full announcement here: https://lnkd.in/gFp5scNq   #Mining #Africa #MineralSands The full announcement sets out the material assumptions and sensitivities which underpin the DFS and a summary of the DFS findings as well as disclaimers regarding forward looking information. 

    Sembehun DFS Reinforces Strategic Value Of Project.pdf

    Sembehun DFS Reinforces Strategic Value Of Project.pdf

    sierra-rutile.com

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