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Kenmare shipments up

02 August 2016 09:36

Kenmare Resources' total shipments of finished products rose to 309,000 tonnes in the second quarter - 133% up on the previous three months.

Total shipments in the first half were 7% up on a year ago at 441,700 tonnes.

Ilmenite production increased 18% to 217,900 tonnes (Q1: 185,000 tonnes) while zircon output rose by 46% to 16,900 tonnes (Q1: 11,600 tonnes).

Ore mined in Q2 2016 increased 5% to 7,386,200 tonnes (Q1 2016: 7,061,000 tonnes). Heavy mineral concentrate production in Q2 increased 21% to 331,300 tonnes (Q1: 274,800 tonnes), product of higher tonnes mined and increased grade, as expected.

Guidance of 950,000 tonnes of ilmenite production in 2016 (+/- 10%) maintained.

Production in H2 is expected to be higher than H1 as a result of increases in dry mining, grade and operating time.

Managing director Michael Carvill said: "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."

At 9:36am: (LON:KMR) Kenmare Resources PLC share price was +2.5p at 209.5p

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