Exploration group Kenmare Resources has said most of the design and procurement work for its titanium mine in Mozambique is complete and the company is on track to start production next year.
The market for the metals produced at the site, known as Moma Titanium Minerals, is strong and production will probably exceed the company's initial expectations, chairman Charles Carvill said.
By the time the mine is fully working, Mr Carvill said he expected the present level of production capacity would already be sold.
Kenmare, which last year raised £53 million (€78.6 million) to fund the site's development, has set up provisional agreements with major consumers for the supply of sulphate grade ilmenite and is in the process of converting them into full legal contracts.
"It is very exciting that the long years of hard work to get the Moma project to mine development phase have yielded such a positive result," said Mr Carvill.
The group made a profit of $36,555 (€28,420) last year. It had no sales.
