Kenmare back in profit as prices rise

Kenmare Resources returned to profit in the first half of the year and recorded an 82% annualised increase in revenues on the back of increased commodity prices and sales volumes.

The Dublin-based company, whose sole operating asset is the Moma titanium mine in Mozambique, yesterday reported a pre-tax profit of $9.83m (€8.36m) for the six months to the end of June; a turnaround from a $49.1m pre-tax loss for the same period last year. Revenues jumped by 82% to $102.4m.

Kenmare produced record levels of ilmenite and zircon in the 12 months to June and managing director Michael Carvill said the company remains on target to meet its production guidance for the current year.