Sunday 23 July 2017

Kenmare Resources enjoys a strong start to 2017

Michael Carvill of Kenmare
Michael Carvill of Kenmare

Ellie Donnelly

Kenmare Resources, a global producer of titanium minerals and zircon, has delivered strong production in the first six months of 2017, the company has announced.

The company, which operates the Moma Titanium minerals mine in northern Mozambique, said that all its production metrics were up substantially on the same period last year.

Production of its heavy mineral concentrate increased by 18pc to 712,700 tonnes in the six months to 30 June 2017, in comparison to the same period in 2016.

Its production of ilmenite also increased to 504,800 tonnes in the six months to 30 June, up 25pc on the same period in 2016.

The company said that the increase in production of ilmenite reflected the operating time improvements which it has seen over the past year.

The company also recorded a strong increase in the production of primary zircon, with 27,700 tonnes produced in the six months to 30 June 2017, up 33pc on the same period last year.

Read more: Mineral production boost for Kenmare

Increases in the production of primary zircon are expected to continue in the second half of 2017, the company said.

"These improvements drive increased margins for the business, which is also benefiting from substantially higher average received prices in comparison to 2016," Michael Carvill, managing director of Kenmare Resources, said.

Total shipments of finished products were up 21pc to 535,700 tonnes in the six months to 30 June 2017.

However taking the three months to 30 June 2017, total shipments were down 10pc in comparison to the three months to 30 June 2016, with the decrease due to normal variations in shipping schedules.

In their announcement Kenmare said that its shipping capacity will be reduced in next three months of 2017, with one of the company’s two transhipment barges currently undergoing maintenance.

The maintenance will not impact shipping volumes for the year.

Half year results for six months to 30 June 2017 will be issued on 22 August 2017, the company said.

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