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Sierra Leone risk has fallen - Titanium Resources

Reuters reported that Titanium Resources Group as saying that 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 that it conditionally placed 151 million shares to rise about USD 25 million to increase production and processing capacity at its Sierra Rutile mine.
Mr. John Sisay CEO of Titanium Resources said that 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 in 2009. He said that in this fund raising there wasn’t so much concern about country risks as there was before. It wasn’t such a huge deal as it was 3, 4 years ago.
Sierra Leone emerged from a decade of civil war in 2002 and has stepped up efforts to combat corruption.
Mr. Sisay said that “I don’t think there are any major issues left over from the civil war that threatens stability.”
At 1213 GMT, Titanium Resources shares were down 12.2% at 10.525 pence, just above the 10 pence at which the company will place the new stock, which represented 22.5% discount to Friday’s closing price.
Mr. Sisay said that new funds accounted for about 65% 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 cash profit next year.