Moma miner lifted by prices
29th Mar 2012
LONDON, Mar 29 – Kenmare Resources, operator of the Moma titanium minerals mine in Mozambique, credits robust demand and strong market prices for a turnaround in performance for the 12 months to December 2011.
The company reported a profit after tax of $US23.7M for 2011 (2010: $16.3M loss), its first attributable to Moma, and EBITDA of $71.7M ($17.4M), based on revenues of $167.5M ($91.6M). Total products shipped were 730,400t (712,900t). HMC production was 842,900t (956,900t), ilmenite 636,800t (678,400t) and zircon 43,600t (37,100t).
The $US300M Phase II expansion project is progressing with the delivery of critical items including the new dredge to Moma. Commissioning is scheduled to start in the last quarter of 2012, enabling full production from 2013.
Strong demand means most Phase II expansion is already allocated to customers. Despite the expectation of continuing dredging issues through 2012, the company says supplementary dry mining will compensate for the lack of dredged ore until a new dredging unit is delivered in 2013.
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