Kenmare Resources moves into black

Kenmare Resources PLC swung into profit at the first half stage and said it has made "considerable progress" in advancing towards its first production at the Moma Project.

The company reported a pretax profit of $542,558 (€553,353), compared to a loss of $806,498 (€822,545) last time.

The company remains committed to development of the Moma Project, and subject to finalisation of financing, is confident that it will be well positioned to achieve production at Moma according to its targets, chairman Charles Carvill said.

The Moma Project is a titanium minerals exploration-development project.

It is located on the coast of Mozambique in the province of Nampula, south of the port of Nacala.