Kenmare Resources cuts losses as market improves

Irish miner company Kenmare Resources is expected to show further bottom line improvements this year after reporting a significant narrowing in losses and an increase in productivity in 2016. 

The Dublin-based company which owns and operates the Moma titanium mine in Mozambique yesterday reported record annual production of ilmenite, rutile and zircon and record shipments of finished products of 1.02 million tonnes, up 28% on 2015 levels.

Kenmare’s revenues dipped marginally – from $142.5m (€132m) to $141.5m – but it slashed its pre-tax losses from $61.9m to $17.1m and returned to profitability, on an earnings before interest, tax, depreciation and amortisation basis, with earnings of $5.2m, compared to a negative $11.5m in 2015.