Dublin-based mining and exploration company Kenmare Resources has reported a 40 per cent increase in revenue to $234.5 million for 2012, up from $167.5 million the previous year.

The company, which operates the Moma titanium and zircon mine in Mozambique, said the jump in revenue was principally down to increased ilmenite prices, which were 98 per cent higher in 2012.

Ilmenite is one of the main titanium feedstocks produced at the mine, and is used in the production of paints, pigments and cement.

In a trading statement, Kenmare said total production of heavy mineral concentrate at the mine came to 772,300 tonnes.

Finished product volumes for the year were 574,500 tonnes of ilmenite and 46,900 tonnes of zircon.

The Dublin-listed company said 680,800 tonnes of finished products were shipped in 2012, compared with 730,400 tonnes in 2011.

Kenmare said it had commenced the commissioning phase of its 50 per cent expansion of the Moma plant.

“2012 was a year of contrasting halves for the titanium feedstock industry. During the first half, demand for titanium feedstocks was very strong and prices grew steadily,” the company said.

“However, as the painting season in the second quarter was weaker than expected, pigment producers felt the impact of holding excess finished goods inventories.”