Sierra Rutile

Sierra Rutile’s 2Q16 and 1H16 update reads extremely well with high rutile production backed up by strong sales. Management is moving guidance to the upper end of its 120-135kt range and reading between the lines, the marketing team is confident of delivering good FY16 sales volumes. The pigment market is at long last improving and rutile prices are rising. This is excellent news for all rutile producers and should result in higher profits all round. We maintain our BUY recommendation and 40p target price. – 15/07/16

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