type limited aim txr.l industry mining headquarters london & freetown key people john sisay chief executive officer jean lindberg charles chief financial officer wayne malouf non executive chairman mark button chief operating officer neil gawthorpe marketing director products rutile ilmenite zircon website www.titaniumresources.com titanium resources group ltd. is a holding company that wholly owns a number of mining exploration and marketing companies with large holdings in sierra leone . the company owns the sierra rutile mine controlled through sierra rutile limited . the mining operations account for 65 % of sierra leone s exports and produce about 23 % of the world s supply of natural rutile salable amounts of bauxite and in 2010 zircon . the company attempted to make the mining operation as self sufficient as possible by building a dedicated port power station power grid and water supply system . they also built housing medical and recreational facilities for their workers . in 1995 the company abandoned their operation because of the sierra leone civil war . in january 2005 the company agreed a mining lease covering 580 km of south west sierra leone about 150 km south east of the capital . on 28 february 2005 the company announced that they were beginning refurbishment of the sierra rutile mine to be completed in early 2006 . later in the year they announced that they were to restart their sml bauxite mine also . in december 2005 they acquired the rotifunk mineral sands prospect also in sierra leone from gondwana investements s.a. for us 120000 . in january 2006 they completed refurbishment and commissioned their primary bucket line dredge dredge d1 and so restarted the sml bauxite project . on 25 august 2005 they listed shares on the aim market of the london stock exchange under the symbol aim txr.l . in december 2007 a second dredge d2 commenced production at the company s sierra rutile mine increasing capacity to 200 000 tonnes per annum . dredge d2 was a complete unit comprising a bucket ladder dredge and heavy mineral separation plant mounted on a single pontoon . during july 2008 the company announced the disposal of global aluminium limited to vimetco n.v. for a total cash consideration of us 40 million . global aluminium limited a wholly owned subsidiary of the company owns 100 % of sierra mineral holdings 1 ltd the operating company for the company s sml bauxite mine in sierra leone . on 25 july 2008 trading in the company s shares was suspended on aim market of the london stock exchange after it was announced dredge d2 had capsized resulting in the loss of two lives . the company had insurance but it took until 2010 for a resolution with the company s insurers to be agreed when a total of 11m was recovered . initial estimates believed dredge d2 could be operational by december 2009 some 14 months of the accident this was later increased to 35m and 2 years . in january 2009 trading in the companies shares recommenced on aim market of the london stock exchange . placing 16 november 2009 the company raised 25m via a placing of 151 200 000 new shares at 10 pence . the proceeds of which will fund the three projects dredge d3 upgrade d1 wet processing plant and upgrading the company s land plant . the upgrade to d1 would cost 2 million and increase rutile recovery by 5 000 tonnes and ilmenite recovery by 1 000 tonnes per annum . dredge d3 the third dredge would cost 20m adding 30 000 tonnes to annual capacity . production was due to start in q1 2010 and take 12 months to complete the company later took some time to review this ambitious production schedule to redesign the dredge in order to reduce the build cost and increase its operating efficiencies . pala investment holding limited in september 2010 it was announced that pala took a 29.8 % holding in txr after acquiring the majority of the ordinary shares held by mr jean raymond boulle the previous majority share holder . pala is a us 1 billion multi strategy investment company with a particular focus on mining and natural resource companies in both developed and emerging markets . pala s exclusive investment advisor pala investments ag is a swiss based team with extensive experience within the mining and natural resource sectors . pala seeks to assist companies in which it has long term shareholdings by providing strategic advice and innovative financing solutions . government of sierra leone during the second half of 2010 a dispute arose between the government of sierra leone and sierra rutile limited over the non payment of certain interest payments regarding a loan from the government . a resolution to the dispute was agreed in december 2010 when the government withdrew its request for the payment by sierra rutile limited of all accrued interest plus the accrued balance and capital interest owing . further the government acknowledged that no event of default or potential event of default is outstanding and that it has no claims regarding any prior events of default which may have occurred . references edit foley stephen 2006 01 23 . titanium ready to scoop peace dividend in sierra leone . the independent . p. 58 . retrieved 2006 01 23 . titanium resources group website . archived from the original on 2006 01 18 . retrieved 2006 01 23 . retrieved from https en.wikipedia.org w index.php title titanium resources group & oldid 738054427 categories mining companies of the united kingdomcompanies listed on the london stock exchangetitanium mininghidden categories use dmy dates from december 2013use british english from december 2013 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload 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