Kenmare Resources is optimistic on outlook despite sharp decline in revenue

The company reported revenue from mineral products fell to $154m (€140m), plunging 33% on the same period a year earlier, due to lower shipments, pricing and product mix.

Meanwhile, Kenmare founder Michael Carvill steps down from his role as managing director after four decades. Chairman. Picture Jason Clarke

Irish mining company Kenmare posted a sharp decline in revenue and earnings for the first half of the year due to reduced shipments amid poor weather conditions.

In an interim statement, the company which operates one of the world’s largest ilmenite mines, Moma, in Mozambique, said shipments have strengthened in the second half of the year and Kenmare is “on track” to achieve its previously forecasted guidance for the full year.