‘Robust’ demand helps Kenmare back to profit

Irish mining company, Kenmare Resources has returned to full-year profit on the back of “robust” demand pushing up market prices.

The Dublin-headquartered company — whose chief asset is the Moma titanium mine in Mozambique — reported a pre-tax profit yesterday of just over $18.2m (€13.6m); a strong turnaround from the $16.3m loss generated in 2010. The shares closed up 7.6% in Dublin.

Similarly, the firm generated an operating profit of $52.9m, as opposed to an operating loss of $3.5m for the previous year.