9 Dec 2013 07:00
Sierra Rutile Limited
Sierra Rutile Signs MOU for Low-Cost Hydro-Power Project
London, UK, 9 December 2013: Sierra Rutile Limited (AIM: SRX) ("Sierra Rutile") is pleased to announce that it has entered into a memorandum of understanding with Smol Pawa Sierra Leone Ltd. ("Smol Pawa") with the objective of being a cornerstone purchaser in respect to its Moyamba hydro project.
The Moyamba hydro project is an 11-14 MW run-of-river hydropower project located at the Singimi Falls on the Gbangba River, within 20km of Sierra Rutile's existing operations. The project will be developed as a public-private partnership with the Government of Sierra Leone and will serve the communities of Moyamba, Njala University and Sierra Rutile. A feasibility study is currently being completed for the project, and financing, permitting and construction is expected to be completed within 36-48 months.
Commenting on this announcement, CEO John Sisay said: "We are very pleased to partner with Smol Pawa on this project. As we continue to focus on reducing costs, the opportunity to purchase reliable, low-cost power will significantly reduce Sierra Rutile's cost exposure to potential oil price fluctuations. Power supplied from the hydropower facility will also reduce Sierra Rutile's operating risk by diversifying our power sources. We are also pleased to be able to support the Government of Sierra Leone's Agenda for Prosperity in its provision of long-term sustainable electricity for the country."
Click on, or paste the following link into your web browser, to view the associated PDF document:
Moyamba Hydro Project Location
ENDS
For Further Information:
Sierra Rutile Limited Yves Ilunga Chief Financial Officer
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+44 (0)20 7074 1800 |
RBC Capital Markets Nominated Adviser and Joint Corporate Broker Stephen Foss / Jonny Hardy
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+44 (0)20 7653 4000 |
Mirabaud Securities Joint Corporate Broker Peter Krens
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+44 (0)20 7321 2508 |
Kreab Gavin Anderson Marc Cohen / Christina Clark |
+44 (0)20 7074 1800 |
Notes to Editors
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 mine, located in the south west of Sierra Leone, is 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 800 million tonnes (as at 31 August 2012).
www.sierra-rutile.com
About Smol Pawa Sierra Leone Ltd.
Smol Pawa Sierra Leone Ltd., is a wholly owned subsidiary of Smol Pawa Energy Inc. Smol Pawa Energy is based in Vancouver, British Columbia, Canada and focused on energizing development by delivering clean and sustainable electricity to emerging markets, with a focus on sub-Saharan Africa.
www.smolpawa.com