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Interim Results

Kenmare swings into profit

22 August 2017 08:07

Kenmare Resources swung into the black in the six months to the end of June, posting a profit of $9.4m against a loss of $47.1m last time.

Revenues increased 82% to US$102.4 million, as a result of increased prices and sales volumes.

Ilmenite production increased 25% to 504,800 tonnes compared to H1 2016 while zircon production rose by 32% to 37,700 tonnes.

The group said ilmenite price recovery continued in H1 but with some recent softening in the Chinese market.

Managing director Michael Carvill said: "Kenmare has produced a record one million tonnes of ilmenite in the twelve months to June 2017, whilst improving safety standards, and remains on target for 2017 production guidance.

"We have also produced record levels of zircon and are capturing more of it in higher quality products. Increased shipments, higher average received prices, and lower unit costs have resulted in H1 EBITDA increasing to US$29.8 million. We look forward to building on these achievements.

"In relation to our medium-term objective of optimising mining capacity, several development options are under assessment some of which may significantly reduce or defer previously guided capex, whilst optimising production volumes.

"Capital investment decisions will be made in the context of market conditions and maintaining balance sheet strength."

At 8:07am: (LON:KMR) Kenmare Resources PLC share price was -1.25p at 252.5p

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