Wednesday 25 April 2018

Kenmare Resources soars to product shipment record

Michael Carvill, Managing Director of Kenmare Resources
Michael Carvill, Managing Director of Kenmare Resources
Michael Cogley

Michael Cogley

Shipments of finished products soared to an all-time record in the second quarter of the year for Irish mining company Kenmare Resources.

Total shipments during the three month period rose by 133pc to 309,000 tonnes with ilmenite, zircon, and ore production all increasing.

The firm expects further production in the second half of the year due to more dry mining, grade and operating time.

Kenmare managing director Michael Carvill was upbeat on the trading update.

"The strengthening of the balance sheet, allied with falling cash costs and consistent productivity gains at Moma, positions Kenmare to benefit from the improvement in the titanium feedstock market we are currently experiencing as higher ilmenite prices are reflected in revenues for the second half of 2016," he said.

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