Moma aids Kenmare in cutting net debt
Irish mineral-exploration firm Kenmare Resources enjoyed a record year of production at the company's Moma mine in Mozambique in 2016.
Kenmare reduced its net debt by 87pc over the course of the year, to $44.9m (€42.2m), down from $353.5 (€333m) in 2015.
Ilmenite production increased 18pc while zircon production increased by 32pc.
"2016 saw Kenmare deliver a record year of both production and shipments of all products," said Kenmare managing director, Michael Carvill.
"The final quarter of 2016 was another record quarter, continuing the increasing production trend and improving on the record set in the prior quarter.
"Production in 2017 is expected to rise further as mine optimisation continues, while unit costs of production are anticipated to fall further."
The company added that it had a total of $102.6m in outstanding bank loans.
Kenmare said the outlook for ilmenite prices remains positive for 2017, with demand from China set to remain robust in the year ahead.
In December, the company was forced to pay €5m in compensation to a South African engineering firm in a dispute over the handling of contracts from a 2010 deal.
Shares in Kenmare traded up 2.3pc on the back yesterday's announcement.