Sierra Rutile Investor Presentation
Area 1 Operational Update
Activities underway
Sierra Rutile
2023 production commenced in line with expectations but production has
subsequently been lost primarily due to water pump (un)availability in March
and power supply issues in June (which are expected to persist during much of
July).
In June the Company suffered premature bearing failures on two generators
whilst another was undergoing a planned major overhaul leaving power capacity
below that required for full production.
Given current weaker market conditions, Sierra Rutile opted to prioritise HMC
production over rutile production for the time being.
In addition to increased HMC stocks generated recently while MSP remains idled,
substantial ore stockpiles were established in advance of the wet season.
Gangama tidal bund construction completed.
Sierra Leone contractor, Mano Mining, was awarded the DM1/4 mining contract
and has commenced at site.
Government of Sierra Leone is seeking to renegotiate the terms of the Area 1
fiscal regime set out in the Third Amendment Agreement.
A
Any changes to the fiscal arrangement require Sierra Rutile's agreement,
and dialogue will be entered into during Q3.
DM4 WCP, Sierra Leone
Sierra Rutile Investor Presentation | ASX: SRX
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