3 Mar 2016 07:00
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 Secretary
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+44 (0)20 7074 1800
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Investec Bank Nominated Adviser and Joint Corporate Broker Chris Sim / George Price / Jeremy Ellis
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+44 (0)20 7597 4000 |
RBC Capital Markets Joint Corporate Broker Jonny Hardy
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+44 (0)20 7653 4000 |
Numis Securities Limited Joint Corporate Broker John Prior / James Black / Paul Gillam
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+44 (0)20 7260 1000
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Kreab Marc Cohen / Christina Clark / Fiona Cumberland |
+44 (0)20 7074 1800
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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