Kenmare pays first dividend despite drop in profits
Kenmare excavated a record amount of ore from its Moma mine during the first half of 2019, but bad weather affected shipments of finished product
Dublin-listed mining company Kenmare Resources has declaredits first dividend payment to shareholders, despite reporting lower revenue and profits, amid increasing demand for minerals produced at its Moma mine in Mozambique.
The mine produces titanium and other minerals, including ilmenite and zircon. Moma accounts for 7 per cent of the world’s supply of titanium, which is used in the raw materials for hundreds of products.
The company’s first-half results show that revenue fell by 12 per cent to $122.7 million, while pre-tax profits dropped by 21 per cent to $22.8 million. Average prices, however, were up 7 per cent to $239 per tonne, and Kenmare saiddemand and prices for ilmenite had increased in the third quarter, though political tensions had dampened demand for zircon.