Kenmare posts record profits for 2011

Mining company Kenmare Resources has recorded its first profit from its titanium mine in Mozambique in what it has described as an "important milestone" for the firm.

In annual results published today Kenmare said it generated earnings before interest, tax and depreciation (EBITDA) of $71.7m (€53.6m) in 2011, up from $17.4m the previous year.

After-tax profits were $23.7m, compared to a loss of $16.3m in 2010.

"This is the company's first profit that is attributable to trading performance of the Moma (Mozambique) mine and it is an important milestone for Kenmare," the firm said in a statement.

Revenues during the year increased to $167.5m from $91.6m in 2010, largely resulting from the continued strengthening of product prices.

“Kenmare has a very exciting future, with exceptional opportunities to provide long-term growth and value for shareholders, and I look forward to leading the Board as it guides the Company in this task," said Chairman Justin Loasby.