Kenmare up 8% on strong results

Mining company Kenmare Resources saw its share price rise by almost 8% yesterday on the back of a strong trading performance in the first quarter, traditionally the Dublin firm’s lowest production point of the year.

The expansion of Kenmare’s Moma titanium mine, in Mozambique, and an increased demand for the mine’s core product, ilmenite, made for a good start to the year.

There had been fears that production levels at Moma could be hampered, this year, due to weak power supplies in northern Mozambique. However, Kenmare, which has been working with the country’s energy supplier regarding solutions, has introduced a diesel-powered electricity generating plant on site as an auxiliary power source, giving the mine increased energy security.