INTERVIEW-Titanium Resources says Sierra Leone risk has fallen

Mon Nov 16, 2009 12:28pm GMT

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* Investors less worried about country risk than 3-4 yrs ago

* Conditionally places 151 mln shares to raise $25 mln

* Shares drop 10.2 percent on pricing discount

* 2009 rutile output forecast cut to 65,000 tonnes

By Julie Crust

LONDON, Nov 16 (Reuters) - Titanium Resources Group TXR.L said 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 on Monday it conditionally placed 151 million shares to raise about $25 million to increase production and processing capacity at its Sierra Rutile mine.

But chief executive John Sisay told Reuters 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 this year. Continued...

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