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Jean-Raymond BoulleCorporations: TitaniumResources says SierraLeone risk has fallen

LONDON (Reuters) -Titanium Resources Groupsaid investors were lessconcerned than a few yearsago about investing moneyin Sierra

» read more

Titanium Resources GroupLtd: Placing to raiseapproximately US$25.0Million

Titanium Resources GroupLtdwww.titaniumresources.com Placing to raiseapproximately US$25.0Million (£15.1 Million)

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NEWS: JR BoulleCompanies, CorporateCouncil on Africa 2009:The Newsletter

"CCA has concluded whatmany call our best summitever. I can’t be sure. Eachsummit with which I havebeen associated has had its

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#News Jean-RaymondBoulle Corporations: MarkButton joins TitaniumResources Group as COO

Mark Button joins TitaniumResources Group as COO 9November 2009: TitaniumResources Group (“TRG” or“the Company”)

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Jean-Raymond Boulle -Sunday Times Online

RESULTS FOR 2008Ranking: 270Worth:£300mSource of wealth:Diamonds A British citizen,Monaco-based Boulle made£300m from the

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Melonie Kastman and theForgotten DiamondsLiteracy Program, SierraLeone

Sierra Leone ranks as thepoorest country in the worldby the UNDP, and iscontinuing its recovery fromone of the most

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Titanium Resources Group

LONDON (Reuters) - Titanium Resources Group said investors were

less concerned than a few years ago about investing money in Sierra

Leone, after the mining firm moved to issue new shares to boost

output in the West African country.

The company said on Monday it conditionally placed 151 million shares

to raise about $25 million to increase production and processing

capacity at its Sierra Rutile mine.

But chief executive John Sisay told Reuters the group's production of

rutile -- mainly used to make the titanium dioxide pigment in paints,

paper, plastics and pharmaceuticals -- will be lower than anticipated

this year.

"In this fundraising there wasn't so much concern about country risks

as there was before. It wasn't such a huge deal as it was three-four

years ago," Sisay said.

Sierra Leone emerged from a decade of civil war in 2002 and has

stepped up efforts to combat corruption.

"I don't think there are any major issues left over from the civil war

that threaten stability," said Sisay.

At 1213 GMT, Titanium Resources shares were down 12.2 percent at

10.525 pence, just above the 10 pence at which the company will place

the new stock, which represented a 22.5 percent discount to Friday's

closing price.

Sisay said new funds accounted for about 65 percent of the placing.

The company expects to produce 65,000 tonnes in 2009, down from

the 75,000 tonnes previously forecast, partly due to lower grades.

Still, it anticipates breaking even this year and moving to a cash profit

next year, Sisay said.

PLACING PROCEEDS

About $20 million of the placing's proceeds will be used to construct

D3, a third dredge which the company estimates will add 30,000

tonnes a year of rutile production in its first full year of operation in

2011.

D3, which has a capacity of around 40,000 tonnes, is anticipated to

add a further 4,000-6,000 tonnes in 2012.

The AIM-listed company scaled down operations after dredge D2

capsized in 2008. It has recovered about $3.5 million of a $40 million

claim from one of its insurers and is going to mediation in January to

try to get the remaining amount.

It will consider what action to take with D2, which was capable of

producing about 100,000 tonnes a year, once the issue is resolved.

The group has sold its 2009 and 2010 production in advance and is

negotiating prices for 2010 which it hopes will show a 5-8 percent

improvement on 2009.

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Prices for rutile, which requires less processing that other titanium

dioxide ingredients such as ilmenite, have been steady this year

compared with 2008.

The company has just broken into the Chinese market, where it

expects demand to continue to grow, and has seen rising demand for

industrial grade material used by the welding market.

Source: http://af.reuters.com/article

/idAFJOE5AF0IZ20091116?pageNumber=2&virtualBrandChannel=0&

sp=true

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