Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Titanium Resources (SRX)

  Print      Mail a friend

Monday 19 January, 2009

Titanium Resources

Update and Restoration of Lis

RNS Number : 9023L
Titanium Resources Group Ltd
19 January 2009
 

Titanium Resources Group

Update and outlook 


19 January 2009: Titanium Resources Group ('the Company' or 'TRG') today issues an update on trading and progress during the period since the publication of its Interim Results on 10 September and Trading Update on 24 October ('the Period') whilst trading in the Company's shares in AIM has been suspended. The Period has been characterised by significant progress in relation to rutile mining with Dredge D1 ('D1'), remedial action following the capsize of Dredge D2 ('D2') and associated efforts to secure a meaningful injection of capital to support expansion of the Company's share of world rutile markets. 

Continued mining and production

Dredge D1 has performed well during the Period and continues to mine during its transit from the Lanti North to the Lanti South deposits. As a result of revisiting the mine plan following the D2 incident, the Company has met approximately 50% of its orginal production targets for 2008 and has continued to process and ship rutile to customers around the world. The rutile grade is significantly improved at Lanti South and, based on clear drilling results, head grades are expected to continue increasing month on month from 1.5% to 2.64% recoverable rutile during 2009.

Marketing

Following the cessation of D2's mining operations, the Company declared force majeure on all its rutile and ilmenite contracts, with all customers being placed on an equitable allocation during the second half of 2008. The Company has shipped the first 10,500 tonnes of rutile to a major customer in 2009, and is currently preparing the next shipment of 10,000 tonnes for its second largest customer. Further encouraging signs for rutile demand have arisen as a result of decreasing supply of synthetic rutile from India and increasing demand from new and existing producers of titanium metal. Current spot prices are currently higher than a year ago and TRG's products remain in high demand despite the global economic environment.

Cost reductions 

The new low cost power plant has now been completed and commissioning has improved efficiency by around 25%. The units, as is normal, are commissioned on diesel and then switched over to heavy fuel oil ('HFO'). This changeover will take place in the next 4 weeks. The cost of HFO in Sierra Leone is currently 60% of the cost of diesel and so further savings will be achieved when this changeover is completed.

In addition to a reduction in workforce headcount by some 25%, each of the major capital programmes has been substantially reduced or halted temporarily in order to minimise working capital demands. Civil enabling works associated with building the dams required for floating the dredges has been halted and will not require further activation to accommodate the D1 mine path.

The contractors who were at the mine site working on new plant have been stood down as the dry plant upgrade is substantially finished and completion has been postponed pending increased mining tonnage from D2 in the future. 

Construction of a pontoon for the new Dredge D3 ('D3') has been completed and the dredge superstructure and primary mining components are now on site. No further capital expenditure is required until the planned assembly of D3 following the re-commissioning of D2.

The Company has suspended all exploration activities, notably at the Sierra Rutile mine and Turners' Peninsular. Sufficient drilling work has already been completed for the Company to be confident of a forthcoming reserve upgrade relating to the Gangama deposit, which will enable the D2 mining area to be significantly extended and improve the cost: return profile of the D2 mine plan.

The Government of Sierra Leone ('the Government') continue to be strong supporters of the Company and have worked closely with the management to mitigate the impact of mining suspension relating to D2. In particular, the Government have agreed a two year deferral of interest payments by TRG, until June 2010, relating to the EU loan which the Government manages. This significant development improves TRG's  cashflow.

D2 progress 

The Company previously confirmed that D2 can be salvaged and once again mine the Gangama deposit, which remains the Company's expectation. Significant remedial work will be required in order to restore D2 into service. This work has been scoped with international contractors who are experienced in this field and approximately US$25 million is required before work can commence. Resolution of insurance claims in relation to D2 remains of paramount importance to the Company. Whilst there is a prospect of settlement, this claim is being investigated under a reservation of rights. The Company has taken appropriate legal measures to pursue recovery for Property Damage and Business Interruption in the event settlement is not forthcoming in the near future.

Financial update

Given the continued cost reductions expected to be achieved at the power plantand in the absence of any new financing, the Board believes that the Company has sufficient funding to meet its working capital requirements over the next six months.  In addition, the Company anticipates that the intended transfer of D1 to the higher grade deposit at Lanti South should further enhance cashflows.

Currently, the Company has approximately US$7.9 million of cash on deposit together with an EU backed Government loan of US$45 million.  

The Company currently expects to announce Preliminary Results for the year ended 31 December 2008 on or before 27 February 2009.

Strategic Options

The Company is exploring a number of strategic options to raise further finance, together with discussions about the purchase of a significant stake in the Company. These discussions may or may not lead to a final and unconditional offer being made for the issued share capital of the Company. The Board is currently considering its options following receipt of expressions of interest in the Company from prospective acquirers. There can be no certainty that any of the discussions will lead to a transaction being finalized. The Board will keep shareholders fully informed of material progress in relation to the various options that it is reviewing for the future of the Company.

Re-listing/De-listing

In view of these developments, the Company has requested the lifting of the temporary suspension of the trading of its shares on AIM. Accordingly, the precautionary suspension will be lifted at 7am on 20 January 2009 in order for the shares to be immediately restored to trading on AIM.

Outlook

Despite the production shortfall from D2 and the associated change in circumstances, there is much to be positive about in 2009: the new powerhouse provides material savings to future generation costs, higher grades are being mined in the deposit, labour costs are substantially reduced and we expect increased digging efficiency from a reconfiguration of D1 in the first quarter.  The project to recover and rehabilitate D2 is ready to proceed, together with the land plant and D3 project developments, once adequate funds are secured

The Board believes that these improved operating conditions, as well as the continued support of the Government, will enable the Company to emerge from the difficulties encountered in 2008 and return to previously anticipated trading patterns

Our markets and commercial relationships are strong and natural rutile will retain its attractiveness as pigment producers continue to improve their cost efficiencies given the current economic environment. TRG's Sierra Rutile asset remains the largest rutile deposit in the world and has a promising future once current difficulties are overcome.

END

For further information:


TRG

Len Comerford, Chief Executive

Walter Kansteiner, Non-executive Chairman

Tel: +44 (0) 207 321 0000


Ambrian Partners Limited

Nominated Adviser

David Nabarro

Tel: +44 (0) 20 7634 4700               


Arbuthnot Securities

John Prior

Tel: +44 (0) 20 7012 2000


Aura Financial

Michael Oke/Andy Mills

Tel: +44 (0) 207 321 0000


Titanium Resources Group 

Titanium Resources Group is a mining company with operations in the Republic of Sierra Leone. The Group is the country's largest private sector employer and produces rutile and ilmenite for use in industrial applications. The Group's operations historically accounted for over 65 per cent of the exports of Sierra Leone.





This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUKOBRKORAAAR