Kenmare expects earnings boost

KENMARE Resources expects a dramatic boost to earnings next year when it will be able to capitalise on higher prices for its key products, the mining firm said yesterday.

Kenmare, which mines ilmenite and zircon from its Moma mine in Mozambique, has not been able to take full advantage of price leaps due to existing contracts which run out at the end of this year.

“Unless there is a dramatic change in prices back down again… there will be a dramatic change in our revenue per tonne gained and, therefore, a huge difference in our EBITDA,” managing director, Michael Carvill, told Reuters in an interview.