Sierra Rutile Limited Appointment of New Chairman (8619Q)

TIDMSRX

RNS Number : 8619Q

Sierra Rutile Limited

03 March 2016

Sierra Rutile Limited

Appointment of New Chairman

London, UK, 3 March 2016: Sierra Rutile Limited (AIM: SRX) ("Sierra Rutile" or the "Company") is pleased to announce that Robert Edwards has agreed to join Sierra Rutile as Independent Non-Executive Chairman of the Board of Directors with effect from today. Robert Edwards will replace Michael Barton as Chairman, who stepped down on 2 March 2016, following his departure from Pala Investments, the Company's majority shareholder, to pursue other career opportunities.

Robert Edwards has extensive experience in mining operations and the equity capital markets, with a particular focus on the natural resources sector. Robert Edwards began his career as a mining engineer prior to moving into investment banking at HSBC and then Renaissance Capital, where he was instrumental in developing the company from a single country broker into a successful resource investment bank focused on Africa, Asia and the CIS. Robert Edwards is currently a Director of MMC Norilsk Nickel (RTS: GMKN), GB Minerals Ltd. (TSX-V: GBL) and Highcross Resources Limited, and was previously a Senior Advisor to Royal Bank of Canada Capital Markets metals and mining investment banking division.

Richard Lister, Sierra Rutile's Senior Independent Director, commented:

"I would like to extend the Board's appreciation to Mike Barton for his long-service as Director of Sierra Rutile and his board-leadership during his tenure as Chairman. The Company has developed into one of the leading producers of rutile under Mike's chairmanship. At the same time, the Board is very pleased to welcome Robert to Sierra Rutile. He brings a wealth of broad-based emerging markets experience to Sierra Rutile and I look forward to working with him closely over the coming years. The Board felt it was an opportune time to appoint an Independent Non-Executive Chairman, and Robert is an excellent addition with the experience and skills to fulfil this role. We are also pleased to retain the strong support of Pala Investments through the continued presence of Stephen Gill and Philip Day as Directors of the Company."

John Sisay, Sierra Rutile's Chief Executive Officer, commented:

"On behalf of the executive team, I welcome Robert to his role on the Board and I look forward to working with him. Robert's extensive knowledge of mining, emerging markets, in particular Africa, and equity capital markets will complement the management team as we continue to realise the full potential of Sierra Rutile's world-class asset. Robert's addition to the Board marks another important step in the evolution of the company as Sierra Rutile continues to execute on its plan to build a flexible and capital efficient business focused on delivering industry leading shareholder returns."

Robert Willem John Edwards, aged 49, holds both a South African Mine Managers and a Mine Overseers Certificate of Competency, having graduated from the Camborne School of Mines with an Honours degree in Mining Engineering.

For Further Information:

 
 Sierra Rutile Limited 
  Matthew Hird, Chief Financial 
  Officer 
  John Nagulendran, Company          +44 (0)20 
  Secretary                          7074 1800 
 Investec Bank 
  Nominated Adviser and Joint 
  Corporate Broker 
  Chris Sim / George Price           +44 (0)20 
  / Jeremy Ellis                     7597 4000 
 RBC Capital Markets 
  Joint Corporate Broker             +44 (0)20 
  Jonny Hardy                        7653 4000 
 Numis Securities Limited 
  Joint Corporate Broker 
  John Prior / James Black           +44 (0)20 
  / Paul Gillam                      7260 1000 
 Kreab 
  Marc Cohen / Christina             +44 (0)20 
  Clark / Fiona Cumberland           7074 1800 
 

About Sierra Rutile Limited

Sierra Rutile produces titanium feedstock industrial minerals (primarily rutile, with some associated ilmenite), as well as smaller quantities of zircon. Sierra Rutile's mines, located in the south west of Sierra Leone, are based on one of the largest natural rutile deposits in the world, with a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 895 million tonnes (as at 30 September 2014).

www.sierra-rutile.com

This information is provided by RNS

The company news service from the London Stock Exchange

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March 03, 2016 02:02 ET (07:02 GMT)