Low prices stymie Kenmare Resources growth

Record low commodity prices stymied first-half growth at Kenmare Resources, although the company remains upbeat about its prospects for the full year.

The Dublin-headquartered mining firm, which owns and operates the Moma titanium mine in Mozambique, yesterday reported revenues of $56.2m (€49.9m) for the six months to the end of June; down 24% on a year-on-year basis. First half losses were down by 1% at $10.7m.

Kenmare has already forecast increased production rates for the second half of the year, adding that conditions at Moma have continued to improve.