Tuesday 25 October 2016

Kenmare Resources announces record HMC production in Mozambique

Published 27/10/2015 | 08:09

Michael Carvill, Managing Director of Kenmare Resources PLC.Photo: Tony Gavin 11/4/07
Michael Carvill, Managing Director of Kenmare Resources PLC.Photo: Tony Gavin 11/4/07

Kenmare Resources, which operates the Moma Titanium Minerals Mine in Mozambique, announced a record production of heavy mineral concentrate (HMC) and finished product in the third quarter of this year.

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The company revealed that ore mined in the months from July 1 to September 30 was up 1pc when compared with the same period last year while HMC production was up 7pc to 339,600 tonnes.

Kenmare also saw increases in Illmenite and Zircon of 11pc and 9pc respectively when compared with the same period in 2014.

Managing director at Kenmare Resources, Michael Carvill, praised staff for a reduction in costs and increase in production.

"I am pleased to announce record quarterly production of HMC and ilmenite in Q3 2015. Increased production, in combination with the progress we have been making to reduce absolute cash operating costs, is predicted to result in a significant commensurate reduction in our unit operating costs for H2 2015. I would like to thank all Kenmare employees for their contributions to improving our production and cost effectiveness."

The company said in a third quarter trading update that market conditions for titanium feedstocks remained challenging in the three month period with further competition growing in the pigment markets.

During the first half of 2015, total cash operating costs were reduced by 17pc when compared with the first half of last year and the company says the ongoing active cost reduction programme has continued through the second half of this year.

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