Kenmare Resources has said it is on track to meet 2024 targets as production strengthened in the third quarter of the year on rising excavated ore volumes.
The mining company, one of the leading global producers of titanium minerals and zircon, extracted from its Moma mine in Mozambique, said shipments also improved. More than 300,000 tonnes of products were shipped during the period ending September 30th, supporting its financial performance in the second half of the year.
That included two zircon shipments delayed from the second quarter and shipped early in the third. It also benefited from improved weather conditions.
The company produced 355,000 tonnes of heavy mineral concentrate (HMC) during the quarter, a 14 per cent decline year-on-year on lower ore grades. Ilmenite production was down 12 per cent year-on-year on lower HMC processing. Ilmenite prices remained stable during the third quarter, with Kenmare’s average price received up quarter-on-quarter.
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Primary zircon production was higher, up 4 per cent year-on-year, and rutile production increased by 7 per cent to reach a record quarterly total of 2,900 tonnes.
Managing director Tom Hickey said the “significant progress” being made on the Wet Concentrator Plant A upgrade was encouraging.
“It was also exciting to discuss the near-term commissioning of a small-scale dredge-mining and concentrating operation to support production in 2025 and beyond,” he said.
“Additionally, we made the first trial shipment of a new concentrates product during the quarter. Market conditions for all of our products continue to be robust, with the healthy demand we experienced in Q3 extending into Q4. Our order book is largely committed for the remainder of the year.”
Kenmare appointed Mr Hickey, its former chief financial officer, as managing director in August, replacing Michael Carvill who stepped down after almost four decades at the helm. The company is now undertaking a recruitment process for a new CFO.
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