1. Sierra Leone is going through a difficult period, struggling to contain an outbreak of the Ebola Virus in our country. The
disease is unprecedented in Sierra Leone and in the other West African countries where it has taken hold; but the
determination, resources and knowledge to defeat it are increasing.
Sierra Leone’s business community has been steadily making its own contribution to the Ebola response – both individually
and through the Ebola Private Sector Mobilisation Group, an initiative which focuses on how the private sector can help the
battle against Ebola and how it can ensure a healthy post-Ebola economy.
We all recognise that we have a part to play. Sierra Rutile has donated over two billion Leones to combat Ebola in Sierra
Leone; we have provided trucks to help the World Food Programme distribute food to isolated communities; worked with
local communities to spread accurate information; invested in keeping our employees and their families safe; and our staff have donated over 40 million Leones from
their salaries to the local Ebola Relief effort.
We remain vigilant in monitoring the Ebola situation closely and ensuring that our workforce and the local communities have the necessary support to identify any
Ebola cases early. At the heart of this is our commitment to the health and safety of our employees and the mining communities as well as our commitment to
meeting our responsibilities to other stakeholders.
We know that there is going to be a massive impact on Sierra Leone’s economy. It is very important for the private sector to go through and come out the other side.
Sierra Rutile is an organisation which has repeatedly demonstrated its capacity to pull together and rally its resources in tough times. Our corporate culture of
excellence and high performance allied with a world-class asset and a proven business strategy of long-term value creation through low-capex growth projects and
efficiency improvements have delivered H1 2014 results which show an 8% increase in rutile production, a 34% increase in rutile sales volumes and revenue of
US$64.1 million in-line with H1 2013 of US$66.4 million despite lower market pricing.
We move forward with a reinvigorated management team which will support our corporate growth and ensure that we are using the wealth of skills and experience
within the organisation to best serve the next phase of Sierra Rutile’s development. This sees Desmond Williams, a mineral processing engineer with a 29 year career
in mining as our new General Manager.
Crises such as our present Ebola epidemic inevitably test our national confidence. Nevertheless, Sierra Leone’s recent history is still one of optimism and post-conflict
success and Sierra Rutile looks forward with confidence.
John Bonoh Sisay
CEO, Sierra Rutile Ltd
MAINTAINING A POSITIVE PERFORMANCE DESPITE THE YEAR’S CHALLENGES
Sierra Rutile’s interim results for the six months ended 30 June 2014 show that the company has maintained a positive performance despite the year’s challenges.
The highlights include an 8% increase in rutile production to 56,060 tonnes (H1 2013: 51,985 tonnes) and a 34% increase in rutile sales volumes to 71,565 tonnes (H1
2013: 53,446 tonnes). Despite lower market pricing, revenue of US$64.1 million was in-line with H1 2013 of US$66.4 million. The company managed to further
reduce unit operating costs, achieving an:
• 18% reduction in direct operating cash costs to US$481/tonne (H1 2013: US$586/tonne) below full-year guidance of US$490/tonne, despite a lower weighting of H1
production
• 24% reduction in total operating cash costs3 to US$609/ tonne (H1 2013: US$799/tonne; no previous guidance provided)
• 26% reduction in all-in cash costs4 to US$627/tonne (H1 2013: US$846/tonne) slightly above full-year guidance of US$605/tonne
Sierra Rutile made a repayment of US$6.1 million of the loan to the Government of Sierra Leone and invested US$3.9 million ugrading the mineral separation plant,
with commissioning already underway.
Commenting on the first half performance, CEO John Sisay said: “We are pleased with our performance in the first half of 2014. Despite the lower weighting of first
half production, the continued focus on unit cash costs has resulted in a strong cost performance from the operations. The company has seen good demand for its
products, and sales volumes for the period were at record levels, albeit at subdued prices, providing us with confidence for the rest of the year. While there continues
to be no reported or suspected cases of Ebola at Sierra Rutile’s operations, we remain vigilant in monitoring the situation closely and ensuring that our employees and
the local communities have the necessary support to identify any Ebola cases early.”
DECEMBER2014
TheSierraRutileREVIEW
WorkingforabetterSierraLeone

2. The Sierra Rutile REVIEW DECEMBER 2014
SIERRA RUTILE MAKES SECOND DONATION OF ONE BILLION LEONES TO GOSL EBOLA RESPONSE
Sierra Rutile and its largest investor Pala have made a second donation of one billion Leones to the Government of Sierra Leone to assist with the Ebola outbreak.
This brings the total amount donated by Sierra Rutile to the Ebola Response both nationally and locally, in cash and in kind, to well over two billion Leones (over
$400,000).
John Sisay, CEO, said that Sierra Rutile was making this additional contribution of one billion Leones to support government work in eradicating the outbreak, and to
provide additional help for the increasing number of children orphaned by the virus in Sierra Leone.
The cheque was presented to the Government by Mr Alex Kamara, Non-Executive Director of Sierra Rutile, Mr Yves Ilunga, Chief Financial Officer of Sierra Rutile and
Mr Kabineh Koroma, Government Relations Officer, Sierra Rutile. Speaking on behalf of Sierra Rutile, Mr Alex Kamara said: “Over 1000 people have died from Ebola in
Sierra Leone. Beating this epidemic will take the combined strength of the government, the business community and all Sierra Leone’s citizens, as well as the
international community - everyone has a part to play. Sierra Leone was making substantial economic headway prior to this crisis and I have no doubt we will do so
again, once this virus is contained.”
Speaking from Switzerland, Mike Barton, Chairman of Pala, said: “We would like to extend our sympathy to the victims of this disease, as well as our support and
respect to those working to contain the Ebola outbreak. This is the largest Ebola emergency ever, unprecedented in the history of this disease. We hope Sierra Rutile’s
donation will help those working to identify and contain its spread.”
Sierra Rutile made an initial donation of one billion Leones to the Government’s Ebola response in August this year. In July, the company also reinforced the efforts of
Bonthe and Moyamba District Councils with a donation of chlorine and 100 million Leones for the purchase of vital medical supplies and equipment, and to support
work keeping the community informed about how the disease is transmitted. In addition, the company’s employees recently raised 43 million Leones through
individual contributions from their salaries, to support vital grassroots work in the mining communities in their area of operations. Sierra Rutile also provides practical
support to the Ebola relief effort by supplying and delivering food to hard to reach communities, conducting screening locally and setting up, equipping and operating
check points.
FROM SUPERVISOR TO GENERAL MANAGER:
DESMOND GORDON WILLIAMS CLIMBS SIERRA RUTILE’S CAREER LADDER
Desmond Gordon Williams started his career at Sierra Rutile 29 years ago fresh out of Fourah Bay College, as a laboratory supervisor, operations supervisor,
metallurgist and mine planning engineer. This month he was promoted from Operations Manager to General Manager, effective from 1 November 2014. His new role
will see him take responsibility for all operations at the company’s mine site in the south of Sierra Leone.
This is Desmond Williams’ second spell at Sierra Rutile. In 1998, having gained invaluable hands-on mining experience, he left Sierra Rutile to work in consultant
engineering with a multi-disciplinary outfit in Freetown. From there he moved to Canada, where he was recruited by Titanium Corporation Inc. as a Consultant
Metallurgist. He then joined SNC-Lavalin Inc. and carried out work for various clients such as BHP Billiton, Barrick Gold, Vale Inco, Xstrata Nickel, Hudson’s Bay Mining
and Smelting, Agrium and Agnico Eagle on a number of base and precious metal and industrial minerals projects. Between 2009 and 2010, he was Manager of the
Process Engineering Group at Worley Parsons, Minerals and Metals. He re-joined Sierra Rutile as Operations Manager in 2011.
Commenting on Mr Williams’ promotion, John Sisay, Sierra Rutile’s CEO says: “Desmond has been an important member of the Sierra Rutile management team for
over three years. Operating cost reduction and enhanced operating efficiency continue to be a key focus as we look to the future and Desmond’s wealth of interna-
tional technical and professional expertise will prove invaluable in realising our business’s next phase of growth. He is truly representative of Sierra Rutile’s merito-
cratic work culture, which focuses on high performance and developing and utilising the skills and talents of its staff to the full; and we are fortunate to have someone
of his calibre on board.”
Desmond Williams is a product of the Prince of Wales Secondary School in Freetown, holds a BSc (Hons) degree from Fourah Bay College, University of Sierra Leone
and an MSc in minerals engineering from the Camborne School of Mines, UK.
He says of his new appointment: “I am grateful for this opportunity to take on a greater role within the organisation, and for the continued support of the manage-
ment team and the wider workforce at this time. As a Sierra Leonean and a mineral processing engineer, I have found my career with Sierra Rutile to be engrossing,
motivating, intellectually stimulating, at times demanding, but always profoundly satisfying. This has not changed. At Sierra Rutile we often work under tough
conditions that necessitate a high degree of initiative and attention to detail. We invariably win through because as an organisation we are united by a common set of
values - health and safety, responsibility, teamwork, customer service, results and investing in our people. ”
The appointment of Desmond Gordon Williams to the position of General Manager supports Sierra Rutile’s focus on making use of the diversity of experience and skill
sets best suited to the direction of the company.

3. OUR EMPLOYEES CONTRIBUTE LE43 MILLION TO FIGHT EBOLA IN MINING COMMUNITIES
Employees of Sierra Rutile and its partner organisation, African Lion Agriculture have donated more than 40 million Leones towards the Ebola relief effort in local
mining communities with over 1,100 employees contributing directly from their salaries.
At a meeting of stakeholders which included representatives from Sierra Rutile, African Lion Agriculture, the United Mineworker’s Union and the community, it was
agreed that the 43 million Leones raised should be spent on supplying health centres, markets and community centres with simple everyday items that can help
prevent the transmission of Ebola. These included chlorine, buckets with taps, liquid soap and gloves which will improve hygiene within communities. The eight Ebola
checkpoints manning entry into Sierra Rutile’s operational areas and screening visitors were also supplied with torch lights, batteries and megaphones.
HR Manager, Peter Kamuray explains the initiative: “Sierra Rutile’s workforce wanted to demonstrate their commitment to the local mining communities and provide
practical help for the Ebola response. Sierra Rutile is part of these local communities; we are relatives, friends and colleagues. Ebola can be beaten if we all work
together. Making sure that the mining communities in our area of operations have the resources and knowledge to remain safe is very important to all of us. ”
Distribution of the items was made earlier this month. Chief Amidu Kpokie, Chiefdom Speaker of Lower Banta received the items on behalf of the people. He thanked
the employees of Sierra Rutile and African Lion Agriculture, saying: “What you have done is not just a charitable gesture; it’s also a demonstration of the relationship
between Sierra Rutile and the mining communities. For all of our sakes, this is a war that we can’t afford to lose.”
DISTRIBUTING FOOD TO REMOTE COMMUNITIES DURING THE THREE-DAY LOCKDOWN
During September’s three-day nationwide lockdown, Sierra Rutile supported the World Food Programme by transporting and distributing food to isolated
communities. It was an 11 day job for the driver Morrie Brima, and an assistant Augustine Conteh. They drove over 2,800 km, visiting Moyamba Town, Salina
Section, Rotifunk Town, Rotifunk hospital and Mattru Town. Between them they delivered over 32 tons of food.
Security Personnel and youths making
the donations
Making the donations
The Sierra Rutile REVIEW DECEMBER 2014

4. Sierra Rutile Limited
2nd Floor, Access Bank Building
30 Siaka Stevens Street
Freetown, Sierra Leone
Tel: +232 76 801 416
Email: srlfree@sierra-rutile.com
BOOSTING COMMUNITY EBOLA DEFENCES WITH HOUSE-TO-HOUSE TEMPERATURE SCREENING
Working with Paramount Chiefs and community leaders, Sierra Rutile has initiated a house-to-house temperature screening programme in their local mining
communities as an early detection system for Ebola.
Thirty-six people have been employed and trained by Sierra Rutile, and provided with non-contact temperature thermometers to carry out the screening, which will
cover an estimated 11,000 people in the nearby Moriba Town, Mogbwemo, Kpetema and Matagelema communities. The screening teams also conduct a daily
monitoring of visitors entering these communities. These moves are an extension of the precautionary measures that Sierra Rutile has introduced at its operations to
reduce the risks posed to its employees, contractors and visitors.
Ansumani Jabati, the Head of Sierra Rutile’s Environment, Health and Safety Department said: “We have introduced a series of screening measures intended to
safeguard our employees, our contractors, suppliers and the people in our local communities. Temperature screening is one of several strategies we have put in place
to prevent the spread of Ebola in our communities. In addition, we are helping local communities identify and screen visitors to their villages; we distribute chlorine;
and we regularly provide information on Ebola, hygiene and other preventative measures, the symptoms to look out for and actions to take if Ebola is suspected.”
Sierra Rutile’s initiatives are intended to complement the awareness raising, education and other measures instituted by Paramount Chiefs and community leaders.
Augusta George, women’s leader for Lower Banta Chiefdom said: “I am thankful to Sierra Rutile for introducing the house-to-house screening in our communities.
Their efforts support our own work to keep our communities free from Ebola.”
The Town Chief of Mogbwemo, Sheku Momoh, said: “The temperature screening is a very useful measure that has the support of the community. It was something
we had considered, but did not have the resources to do ourselves. It is a very useful addition to our own screening and awareness raising measures to help identify
sick people in our communities.”
Sierra Rutile is also collaborating with police and military on establishing new checkpoints and strengthening existing measures to screen people entering Sierra
Rutile’s operational zone. A total of eight checkpoints have been mounted at all entry points leading into Sierra Rutile’s operational areas. These are equipped with
non-contact temperature screening thermometers and chlorine buckets. This effort is being complemented by a community awareness raising campaign on the
symptoms of Ebola and preventative measures.
The Sierra Rutile REVIEW DECEMBER 2014
Newsletter produced by Elixir Marketing & Media
Temperature screening
THE INTER-RELIGIOUS COUNCIL RECEIVES CHLORINE FROM SIERRA RUTILE TO HELP EBOLA RESPONSE
Sierra Rutile has donated two 45kg barrels of chlorine to members of the Inter-Religious Council to support the Ebola response in their area of operations.
Keith Prentice, Project Manager at Sierra Rutile presented the chlorine to Christian and Muslim religious leaders in a brief ceremony held at the Community Affairs
Department. He praised the Inter-Religious Council for uniting faiths in the fight against Ebola in their communities saying: “This is a fight that can only be won with
the collective involvement of everyone in society.”
The Inter-Religious Council of Sierra Leone has a reputation for being a highly effective advocacy organisation. Speaking on its behalf was the Reverend Momodu
Sandi of the United Baptist Church, Moriba Town branch. He thanked Sierra Rutile for providing the chlorine and said: “This is a clear demonstration of the concern
that Sierra Rutile has for the wellbeing of the mining communities. The gratitude I express here today is on behalf of the inter-religious council and all the people of
the mining communities.”