The Irish company Kenmare resources increased production of ilmenite (iron titanium oxide) at its dredge mine in Moma district, on the coast of the northern Mozambican province of Nampula, by 47 per cent in the first half of 2013.
According to the Kenmare statement on its results for the first six months of the year, 445,600 tonnes of ilmenite were produced, compared with 302,600 tonnes in the same period of 2013. The production of rutile (titanium dioxide) rose from 1,900 to 2,800 tonnes (also 47 per cent), and of zircon (zirconium silicate) from 19,100 to 21,400 tonnes (12 per cent).
The total finished product was thus 469,800 tonnes, a 45 per cent increase on the January-
Nonetheless Kenmare's total revenue from its Moma operations, of
The company is still running at a loss. Indeed, net losses were three times larger in the first half of 2014 (
Summarising the situation, the company's managing director,
"A significant proportion of global production is struggling to cover cash operating costs, before debt service or return on capital: this is an unsustainable situation", he added. "However, although there have been some production cuts these have been negated by new supply coming on stream which was incentivized by previously high prices and these new volumes are delaying a recovery in prices".
Carvill said that Kenmare "has made substantial progress in reducing unit costs, conserving cash and improving production".
He expected that the results for the entire year would "benefit from a more favourable sales mix, increased volumes and targeted cost reductions".
Most Popular Stories
- Toxic Algae Threatens Florida Fishing, Tourism
- Hispanic Groups Lead Voter Registration Drive
- Eva Mendes Gives Birth to a Baby Girl
- Plus-Size iPhones Live Up to The Hype
- Fed Signals It Will Keep Key Rate at Record Low
- FedEx Adding 50,000 Holiday Jobs
- Stocks Rise Before Fed Statement
- Occupy Wall Street Buys Up Student Debt
- Cool Features on Today's New iOS 8
- Kohl's Hiring 67,000 for the Holidays