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Kenmare HMC output up 29%

13 April 2017 07:54

Kenmare Resources' heavy mineral concentrate production increased to 353,500 tonnes in the first quarter to the end of March - 29% on a year ago.

Ilmenite production increased by 39% to 256,500 tonnes and zircon production rose by 59% to 18,500 tonnes.

Total shipments of finished products were up 93% to 256,100 tonnes.

The groujp said Q1 production supported guidance of 950,000-1,050,000 tonnes of ilmenite in 2017 (plus associated by-products), up 5-16% on 2016 production.

It said demand for ilmenite remained strong in Q1 and had resulted in further price increases.

Managing director Michael Carvill said: "Kenmare has delivered solid production in Q1, particularly for the main revenue generating products of ilmenite and primary zircon, in what has traditionally been a lower producing quarter.

"Q1 cash generation at the Mine has continued the trend of quarter on quarter improvement, since bottoming in Q2 2016.

"The company remains on track in its strategy of maximising cash generation through increasing production and reducing cash costs in what remains a strong market for our products."

Story provided by StockMarketWire.com

Related Company: KMR

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