IRC: Ilmenite Production Increase Completed

IRC Limited is pleased to announce the completion of a technology upgrade at its Kuranakh operation resulting in a 150% increase in ilmenite capacity and the reaffirmation of the Company’s targets for 2012 and beyond.

Key Highlights:
More than 150% increase in ilmenite production capacity.
Reaffirm 2012 intermediate production target of 125,000 tonnes and 160,000 tonnes for 2013 and beyond.
Upgrade completed at a cost of just under US$3 million, within budget and on time.
Sales volumes at expanded capacity and prices for ilmenite remain strong

Commenting on the production increase, Yuri Makarov, CEO of IRC said: ‘‘The installation of new ilmenite circuit technology at Kuranakh has increased our throughput capacity and improved recoveries. This, in addition to many other enhancements to the production flow sheet, has resulted in a significant increase in our annual ilmenite capacity. This is a key milestone for IRC as we optimise by-product revenue streams at a time of lower iron ore prices. This upgrade is the result of an 18-month research, design and installation program led by the IRC technology team and I would like to thank them for their hard work.