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Titanium Resources (SRX)

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Thursday 23 December, 2010

Titanium Resources

Trading Update and Board Chan

RNS Number : 4885Y
Titanium Resources Group Ltd
23 December 2010
 



Titanium Resources Group Limited

 

Trading Update and Board Change

 

 

23 December 2010: The Board of Titanium Resources Group ("TRG") today issues a pre-close trading update for the year ending 31 December 2010.

 

Full year rutile production for 2010 is expected to be approximately 68,000 tonnes, which is in line with the updated targets announced in August 2010. 

 

Rutile prices have increased sharply during 2010 with recently concluded contract prices for approximately 22,000 tonnes of 2011 production being at between 19% and 25% above 2010 average contracted prices.  TRG remains contracted to deliver in 2011 approximately 34,000 tonnes of production against 2010 agreed delivery contracts.

 

TRG remains engaged in positive discussions with the Government of Sierra Leone to complete a definitive agreement regarding the loan to Sierra Rutile Limited. The Company will make further announcements when appropriate.

 

The Strategic Review Committee has completed its first stage of the strategic review, announced at the interim results.  TRG's Board has reviewed the Committee's recommendations and has approved a comprehensive set of system and process improvements.  The management team are now developing a plan for implementation.

 

The Board of the Company also announces today that Mr. Wayne Malouf will become Non Executive Chairman of the Company with effect from 31 December 2010 (previously Mr. Malouf was Executive Chairman). All other Board responsibilities remain unchanged.

 

ENDS

 

For further information: 

 

Titanium Resources Limited

Wayne Malouf, Executive Chairman

John Sisay, Chief Executive 

Tel: +44 (0) 207 321 0000 

 

Arbuthnot Securities 

Nominated Adviser & Broker

Hugh Field 

Tel: +44 (0) 20 7012 2000

 

Aura Financial

Michael Oke / Andy Mills

Tel: +44 (0) 207 321 0000


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