Sierra Rutile Limited reported audited consolidated earnings and production results for the year ended December 31, 2012. For the year, the company reported revenue of $179,094,000 compared to $54,962,000 reported a year ago. Profit before taxation was $84,397,000 compared to loss before taxation of $27,649,000 reported a year ago. Total profit attributable to owners of the parent was $83,502,000 or $0.159 per diluted share compared to a loss of $26,986,000 or $0.056 per diluted share reported a year ago. Net cash inflow from operating activities was $65,546,000 compared to net cash outflow from operating activities of $5,214,000 reported a year ago. Purchase of property, plant and equipment was $57,510,000 compared to $15,256,000 reported a year ago. Purchase of intangible assets was $2,812,000. Net debt was $26,428,000 compared to $20,054,000 at the end of 2011. EBITDA was $107.8 million compared to $0.1 million reported a year ago. The company reported 39% increase in rutile production to 94,493 tonnes compared to 67,916 tonnes in 2011. The company is poised to produce 125,000 tonnes of rutile in 2013, an 84% increase in production from 2011.

Sierra Rutile Limited has entered into a 70,000 tonne rutile supply agreement with a major pigment producer. The contract, valid until December 31, 2014, consists of seven 10,000 tonne shipments of rutile (one per calendar quarter) and successfully secures sales of a substantial portion of Sierra Rutile's production for the remainder of 2013 and into 2014.

Sierra Rutile Limited provided an operational update on developments for the first quarter of 2013. For the quarter, the company's production was 25,087 tonnes of rutile and 5,567 tonnes of ilmenite, 21% and 12%, respectively, ahead of first quarter 2012 volumes against 20,693 tonnes of rutile and 4,960 tonnes of ilmenite in 2012.