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.

“In relation to our medium-term objective of optimising mining capacity, several development options are under assessment, some of which may significantly reduce or defer previously-guided capital expenditure, while optimising production volumes. Capital investment decisions will be made in the context of market conditions and maintaining balance sheet strength,” Mr Carvill said.

Kenmare said ilmenite prices continued to recover in the first half of this year, although there has been a softening of prices in the lucrative Chinese market in recent times. That trend, however, is expected to prove only temporary.

Market conditions improved for zircon, in the first half, and Kenmare expects that positive momentum to continue. Earnings on an earnings before tax, interest, depreciation and amortisation came to $29.8m and analysts expect earnings to improve into next year.


In January of 1994, RTÉ reporter Tommie Gorman was given a diagnosis that would change his life.Examine Yourself: Getting cancer made sense of everything for Tommie Gorman

In aid of Cancer Awareness Week, we convinced four of our columnists to bare all for our Examine Yourself campaign.Examine Yourself: Baring all for Cancer Awareness Week

It was an effervescent and often moving turn by an artist with a meaningful claim to the title of world’s most interesting pop star.Ariana Grande's opening night at 3Arena in Dublin proved why she is the world's most interesting pop star

Marian Duggan was in her 20s and could not imagine that her symptoms could be so serious, not even when a tennis-ball-size cyst was removed from her left ovary, says Helen O’Callaghan.Examine Yourself: 'I thought I was too young to have cancer'

More From The Irish Examiner