Kenmare reports slight improvement in full-year ilmenite output, shipments
London-listed Kenmare Resources delivered a strong finish to the year ended December 31, having exceeded the midpoint of its production guidance range for ilmenite and the upper end of guidance ranges for all other products.
The company managed to pay $48-million in dividends for the year, as well as invested $140-million in capital programmes aimed at upgrading and transitioning the company’s largest mining plant to the Nataka deposit.
The company’s net debt position of $24.8-million reflects ongoing development capital expenditure.
Kenmare produced 1.44-million tonnes of heavy mineral concentrate (HMC) from its Moma titanium minerals mine, in Mozambique, with record excavated ore tonnages having been offset by lower grades to ultimately match the production of 2023.
The company produced one-million tonnes of ilmenite for the year, marking a 2% year-on-year increase owing to higher ilmenite content in the HMC and stronger recoveries.
Kenmare shipped 4% more product in the year, with the bulk (611 000 t) of a total 1.08-million tonnes shipped having occurred in the second half of the year.
The company expects its full-year dividend to be at the upper end of its payout ratio of between 20% and 40% of profit after tax.
Kenmare expects demand for all its products to remain robust this year, with sales estimated to exceed production in 2025.
The company has set its ilmenite production guidance for the new year at between 930 000 t and 1.05-million tonnes.
Kenmare plans to spend about $155-million on development projects and studies this year.
The company’s wet concentrator plant transition project to Nataka remains on budget and on track for connection with the new module in the third quarter of the year.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
