TXR Titanium Res

 

TIDMTXR 
 
RNS Number : 3674N 
Titanium Resources Group Ltd 
10 June 2010 
 

 
 
                            Titanium Resources Group 
                          AGM Address to Shareholders 
 
 
10 June 2010: Titanium Resources Group ("The Company") is today holding its 
Annual General Meeting at 9:00 am. Speaking at the AGM, John Sisay, Chief 
Executive, will state: 
 
"As previously announced, after the end of the financial year, Walter Kansteiner 
stood down after more than five years as Chairman of TRG and I will therefore be 
chairing today's meeting.  Walter contributed an enormous amount to the Company 
and was a highly valued Board colleague and I wish him well on behalf of the 
Company and the many stakeholders with whom he communicated.  The process of 
selecting a new Chairman has begun and is being lead by Rod Baker, in his role 
as the senior Non-executive Director. A further announcement on the process of 
selecting and appointing a new Chairman will be made in due course. In the 
meantime I have accepted the invitation to serve as interim Chairman. 
As many shareholders know, 2009 was a busy year for the Company with a number of 
important, positive developments. 
During 2009, the Company achieved positive earnings before interest tax 
depreciation and amortisation of 6 million dollars, compared to a loss of 22.6 
million dollars in 2008. 
We reduced the Company's cash costs by 56% to 28.7 million dollars in 2009 from 
64.7 million dollars in 2008. 
In November of 2009, we successfully raised 25 million dollars to expand 
production through the construction of Dredge D3 and make upgrades to the 
Company's wet and land plants. 
Work is progressing on the construction of Dredge D3 which is expected to add an 
additional 30,000 tonnes of rutile production in its first full year of 
operation. There have been some revisions to the ambitious construction schedule 
which we set for ourselves. Whilst any delay is obviously regrettable, these 
delays are partly due to a review of measures which might reduce build costs and 
improve operating efficiency. We are committed to ensuring that Dredge D3 works 
effectively once commissioned and will provide a further update when we announce 
Interim results in September. 
In April of this year, the Company achieved a final settlement with all insurers 
in relation to the capsize of Dredge D2.  In total we received proceeds of 11 
million dollars. We continue to assess a variety of options for using the funds 
received from insurers including investment in existing assets, the development 
of new growth projects or a return of capital to shareholders. Work to assess 
which of these options will deliver the greatest long-term value to shareholders 
is ongoing and we will make a further announcement once this process has been 
completed. 
Production during the first half has been affected by occasional disruptions but 
the team has worked hard to resolve these challenges and we have not concluded 
that there will be any significant reduction to our annual production target of 
90,000 tonnes. 
We are mindful of our responsibilities as one of the largest employers in Sierra 
Leone. Our safety performance improved significantly in 2009 with recordable 
injuries falling by 17%. Relations with our host communities remain good and we 
continue to work to support their needs through the development of the Sierra 
Rutile Technical Institute and by supporting literacy and healthcare programmes 
in the areas around our operation. Similarly, we have a strong relationship with 
the Government of Sierra Leone." 
 
                                      Ends 
For further information: 
 
Titanium Resources Group 
John Sisay, Chief Executive 
Telephone: +44 (0) 20 7321 0000 
 
Arbuthnot Securities 
Nominated Advisor & Broker 
Richard Johnson / Hugh Field 
Telephone: +44 (0) 20 7012 2000 
 
Aura Financial 
Michael Oke / Andy Mills 
Telephone: +44 (0) 20 7321 0000 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMUKARRRAANRUR 
 

Titanium Resources (LSE:TXR)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Titanium Resources (LSE:TXR)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024