Kenmare Resources plc
Kenmare Resources plc
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Leading world mineral sands producer Kenmare Resources is blaming poor weather for its lower than expected March qtr (Q1FY2022) production of 384,700t (Q4FY2021: 343,900t) at its Moma titanium minerals mine in N Mozambique.
Its Q1 production comprised 256,800t (246,000t) ilmenite, the mine’s primary product, 12,900t (12,400t) primary zircon, 2,000t (2,100t) rutile and 10,700t (11,300t) concentrates including secondary zircon and mineral sands concentrate.
Poor weather through the March quarter has limited production and shipping volumes at Kenmare Resources’ Moma titanium minerals mine in Mozambique, but the world-leading mineral sands producer is confident better weather will keep it on track through FY2022.
Kenmare Resources has posted a range of records at its flagship Moma titanium minerals and zircon projects in N Mozambique for FY/CY 21, topped by an after-tax net profit up $128.5M from $16.7M.
Kenmare Resources posts a range of records for FY/CY 21 topped by an after tax net profit up $128.5M from $16.7M
Major global titanium minerals and zircon producer Kenmare Resources is forecasting more growth after posting record performance at its Moma project in N Mozambique for the year to Dec 2021.
Higher grades and excavated ore volumes lifted heavy mineral concentrate production to 1.56Mt for FY2021, up from 1.2Mt a year earlier. Output rose to 1.12Mt ilmenite (up 48% year-on-year), 56,300t primary zircon (up 30%), 8,900t rutile (up 48%) and 43,900t concentrates (up 25%).
One of the world’s leading titanium minerals/zircon producers, Kenmare Resources, has posted a June 2021 half (H1 21) record net profit well up to $US48M from H1 20’s 12.7M from its Moma titanium mine in N Mozambique.
The bottom line was on revenue jumping to $178.2M from $116.8M on the back of higher volumes shipped and higher prices. EBITDA was up 121% to $82.3M, coupled with cash operating costs per tonne of finished product down 22% to $143t and for ilmenite (net of co-products) down 5% to $113t.
Mineral sands products major Kenmare Resources has posted record June 2021 qtr (Q2 21) ilmenite production up 3% on Q1 21 to 283,900t from its Moma Titanium Minerals Mine in N Mozambique.
EBITDA down 17% to $US76.7M on increased depreciation charges and finance costs has sent mineral sands products major Kenmare Resources’ Dec 2020 year (FY/CY 20) net profit plunging to $16.7M from the previous year’s $44.8M.
Kenmare Resources is closer to its target of increasing production and lowering costs at its Moma titanium minerals mine in northern Mozambique with the successful relocation of its dredge to a new ore zone.
The 23km move along a purpose-built road by self-propelled modular transporters has ended with the dredge placed on concrete plinths.
The platform vehicles are now returning to the previously mined area to move the wet concentrator plant, which is due to start next week.
Dry mining operations remain suspended at Kenmare Resources’ Moma titanium minerals mine in N Mozambique following the death of a front-end loader operator in a crush injury.
All mining and processing operations at Moma were halted for the initial investigation by mine management and police, and inquiries are continuing at the Wet Concentrator Plant A dry mining operation.
MD Michael Carvill says the company conducted further training on safety and mobile equipment standard operating procedures during the shutdown.