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Page added on October 5, 2012

Sierra Rutile in line for major London Stock Market award

Sierra Rutile in line for major London Stock Market award thumbnail

The Alternative Investment Market (AIM), a part of the London Stock Exchange, has for the first time shortlisted a Sierra Leonean company – Sierra Rutile Ltd – in its prestigious annual awards which celebrate outstanding achievements amongst AIM listed companies.

Sierra Rutile, one of the largest private sector employers in Sierra Leone with a workforce that is 95% Sierra Leonean, is up for the International Company of the Year Award. Its inclusion on the AIM Awards shortlist comes after an exceptional year for the Company, which saw year-on-year sales for the six months ending June 2012 increase by 394%.  During the same period, rutile production increased by 57% and ilmenite production by 67%; and in July the Company produced 10,551 tonnes of rutile and 2,059 tonnes of ilmenite, setting itself a new monthly record in the process.

Commenting on the company’s inclusion in the AIM Awards shortlist, Sierra Rutile’s CEO, John Bonoh Sisay says: “Sierra Rutile has had a remarkably successful year and, on behalf of the team, I can say that we are delighted to be recognised in this way.  The past year has been a tremendous team effort in which everyone at Sierra Rutile has played a part.”

Mr. Sisay also highlighted Sierra Rutile’s business philosophy of sustainability as a factor in the company’s success.   In practical terms this translates into a corporate focus on community relationships, a skilled and healthy workforce, environmental rehabilitation and local socio-economic development.  The Sierra Rutile clinic treats around 1,800 people a month and provides community outreach services; a local technical college, sponsored by Sierra Rutile, provides training to almost 300 students annually; the Sierra Rutile Foundation funds local development projects such as schools, wells, bridges and clinics; mined out land is rehabilitated at a rate of 740 acres a year, and old mining lakes have been stocked with fish to create an alternative source of income and food in the surrounding area.

Reflecting on the company’s progress Mr Sisay concluded: “This shows that with hard work, determination and the right team, Sierra Leonean companies can stand shoulder to shoulder with the best in the world.”

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