Irish mining company Kenmare Resources has announced its intention to pay a maiden dividend to shareholders before the end of next year. The company, which owns the Moma titanium mine in Mozambique, said it plans an initial modest payout to shareholders in the second half of next year and that dividend value will be a minimum of 20% of post-tax profit.

Production levels at Kenmare Resources’ Moma Titanium mine, in Mozambique, are expected to be slightly hampered this year because of weak power supplies in the north of the country.

KENMARE Resources expects a dramatic boost to earnings next year when it will be able to capitalise on higher prices for its key products, the mining firm said yesterday.