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Mining firm raises $25m to expand in Sierra Leone

TITANIUM Resources, the AIM-listed miner, has raised $25m (&pound;15.1m) to fund an expansion at its operations in Sierra Leone.<br /><br />The company will announce today that 151.2m shares were placed at 10p a share in its recent capital raising.<br /><br />Titanium, which is digging up one of the world&rsquo;s biggest deposits of rutile (titanium dioxide), said it will use $20m to fund dredge equipment to expand the mine&rsquo;s potential production capacity.<br /><br />The &ldquo;Dredge D3&rdquo; will add 30,000 tonnes per annum of rutile production and increase the company&rsquo;s share of the world&rsquo;s known rutile supply to 30 per cent. A further $2m is for upgrading an existing dredge and the remaining proceeds is for an upgrade of the company&rsquo;s processing plant.<br /><br />Titanium said it was on track to achieve targeted production of 65,000 tonnes of rutile and 8,000 tonnes of zircon concentrate this year.