Kenmare reports 'robust' start to 2019
Kenmare Resources has reported a “robust” start to 2019.
The group’s production of heavy mineral concentrate increased 15pc to 358,700 tonnes, while there was a 13pc increase in its ilmenite production to 238,100 tonnes.
Primary zircon production also increased – up 7pc year-on-year in the three months to 31 March.
Meanwhile, Kenmare reported an 80pc increase in primary zircon production, as the company benefitted from the introduction of the mineral sands concentrate product.
However, total shipments of finished products fell by a third during the period as a result of adverse weather conditions, including Cyclone Idai, and unscheduled maintenance work.
Total shipment volumes for the year as a whole are not expected to be impacted.
Michael Carvill, MD of Kenmare, said: “Production in Q1 2019 was robust, benefitting from increased contribution from WCP B following the upgrade work in 2018.”
“Shipments were lower than anticipated due to poor sea conditions and unplanned maintenance work. However we are confident that 2019 total sales volumes will not be impacted.”
Kenmare Resources owns and operates the Moma ilmenite mine in Mozambique. Last year, its revenue was up 26pc at $262.2m, while its profit after tax was 162pc higher at $50.9m.