The chairman of Dublin listed mining company Kenmare Resources, Justin Loabsy is to retire from its board due to ill health with immediate effect, it was announced yesterday.

Kenmare Resources has identified 2013 as being a potential watershed year for the company as it focuses on getting to a position where it can start paying a dividend to shareholders.

Kenmare Resources — the Irish-based mining company focused on south-east Africa — has reiterated it is on target to complete second-phase expansion of its Moma titanium mine in Mozambique by the end of this year.

Irish mining company, Kenmare Resources has returned to full-year profit on the back of “robust” demand pushing up market prices.

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.