Kenmare reports positive production and shipment volumes from Mozambique mine
Mining firm says it benefited from increased global demand for ilmenite, its main product
Kenmare managing director Michael Carvill.Photograph: Bryan O’Brien/Irish Times
In its latest quarterly results, the Dublin and London-listed mining firm said global demand for ilmenite, its primary product, exceeded supply in the fourth quarter of last year , which led to significant price increases.
“ Q4 2020 represented the strongest quarter of the year for production and shipments, as expected, benefitting from the higher ore grades being mined,” it said.
The company said management remains focused on limiting transmission of Covid-19 amid an increase in positive tests for employees and contractors in December.
“We achieved or exceeded the midpoint of our August 2020 guidance ranges for all finished products and we are targeting an uplift of ilmenite production in 2021 of between approximately 45 per cent and 60 per cent,” managing director Michael Carvill said.
“ In addition to higher revenues, increased production will deliver lower unit costs, significantly increasing cash flows and bringing us closer to our target of becoming a first quartile producer on the industry revenue to cost curve,” he said.