Kenmare Resources upbeat on full-year prospects

Kenmare Resources has forecast increased production for the second half of this year as conditions continue to improve at its operations in southern Africa.

Kenmare Resources upbeat on full-year prospects

The Irish mining firm — which owns and operates the Moma titanium mine in Mozambique — yesterday reported record quarterly shipments and strong rises in production for the second quarter of this year. It is due to report half-year financial results later this month.

Earlier in the summer, Kenmare copperfastened a major fundraising deal allowing for the slashing of $200m of debt.

That strengthening of the balance sheet — along with falling costs and improving productivity gains — positions Kenmare well to benefit from the improved titanium feedstock market and higher prices for mined product, according to managing director Michael Carvill.

Total shipments from Moma rose 133% to 309,000 tonnes in the three months to the end of June, representing a record quarterly result for Kenmare.

Production of zircon was up by 46% to 16,900 tonnes but, more importantly, production of ilmenite — the main ore of titanium — rose by 18% to 217,900 tonnes.

Second-half production, at Moma, is set to grow on the back of increases in dry mining, grade and operating time, Kenmare said.

Ilmenite supply reductions — particularly from mine closures in markets like Russia and Australia — and price rises have led to an improvement in the market in recent months, and Kenmare said these changes should be positively reflected in its second-half revenues.

Kenmare’s share price was up by close to 1% yesterday on the back of its update.

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