By Geoff Percival

Kenmare Resources shares rose by nearly 9% as record sales volumes at increased prices boosted first-half revenues by close to 40%.

The Dublin-headquartered mining firm, which owns the Moma titanium mine in Mozambique, said revenues for the first six months of the year amounted to $140.1m (€122.6m), 37% ahead of the corresponding period last year.

Earnings, on an EBITDA basis, were up 59%, year on year, at $47.5m.


Kenmare managing director Michael Carvill said the first half was “an excellent period” for sales and shipments, with a record 589,000 tonnes shipped at increased prices, generating $48.4m in operating cash flow.

The total shipment figure represented a 10% rise on the first half of last year. Furthermore, Kenmare said its net debt reduced from $34.1m as of the end of last December to $9.3m as of the end of June, with cash on hand

– at that point –

amounting to $84m.

A principal debt payment of $9.5m was made in February.

“The results indicate that the group looks to be well in control of its operations and markets generally continue to be supportive. The stock continues to represent excellent value,” said Davy analyst Job Langbroek.

The company has guided that a series of brownfield capital investments will be required over the next three years in order to maintain its current production levels of 1m tonnes per year.

Kenmare said it will use its upcoming capital markets day, in October, to provide more detail on its corporate objectives and strategy, as well as outlining future dividend policy.

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