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SRX is the largest employer
in Sierra Leone

“Based on my experience in the coun- Production of both standard-grade and
try, it’s not like a Mali or Burkina Faso or industrial-grade rutile represents 90% of
Guinea where you’ve had coups over last SRX’s total revenue. The company also
6-8 months,” he said. produces small quantities of ilmenite and
“I think you need to go back in the his- zircon-in-concentrate which can be used
tory of Sierra Leone and the civil war that in ceramics, chemicals, refractory and
ended in the early 2000s; the country is foundry.
very calm, the culture is very calm, it’s not SRX also currently has no commit-
aggressive. I feel safe when I’m operating ted offtake volumes post December. De
in the country. My wife even came to visit Bruyn expects future agreements will be
me in Freetown, she happily went to the entered into on market terms, especially
markets. with rutile supply currently constrained.
“In the last 20 years there have been “It doesn’t affect the investment case
three changes of political leadership, [for SRX] but it does affect the market and
all very peaceful, democratic changes I think it will affect the long term pricing
of Government. It’s a calm culture over of rutile in a positive way,” de Bruyn said
there, I think the civil war caused that and when asked the impacts of the Russian
they never want to go back to that time.” invasion on Ukraine.
SRX will become the only pure ru- “We see the market fundamentals of
company provides some level of support tile producer on the ASX. The company the pricing being strong in the short term.
to about 30,000 people across the entire boasts a long and established market We had an increase from the last quarter
West African country. presence, including relationships with all to this quarter, I don’t think there’s reason
De Bruyn also dismissed any secu- of the primary chloride-based titanium not to see it continuing.”
rity concerns surrounding Sierra Leone pigment manufacturers and the world’s
where he has been based for almost four largest producers of high-specification – Michael Washbourne
years. aircraft-quality titanium metal.

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