The principal rutile mining company in Sierra Leone, Sierra Rutile reported a surge in profit in the 2022 financial year.

The company was reported to have recorded a 38 percent increase in revenue last December due to increased production and prices in rutile.

The company made revenue of over 250 million US Dollars with earnings before interest, taxes, depreciation and amortisation reaching 57.8 million US Dollars and a net profit of 75.6 million US Dollars.

The company attributed this growth to the increase in rutile production in Sierra Leone and increase close to 9,000 on the previous corresponding period, to 136,000 t while rutile prices hiked at almost 10 percent.

The Managing Director and CEO Theuns de Bruyn said last year was strong for them because there was a high demand for rutile. He added that the record rainfall at the site did not affect their performance level. He stated that the company has plans to announce a revised reserve estimate from their Area 1life-of-mine extension programme.

The MD concluded by stating that the company has estimated production to be at 140,000 t and 144,000 t set to worthed between 165 million US Dollars and 180 million US Dollars.

Sierra Rutile is one of the largest producers of natural rutile in the world. The company controls the bulk of Sierra Leone’s rutile in the South of the West African nation.