Profits slide 36% at Kenmare Resources

Dublin-based, Mozambique-focused firm reported profit after tax of $131 million for 2023

Kenmare Moma Mine: Kenmare Resources is one of the world’s largest producers of titanium minerals and the single largest supplier of ilmenite. Picture: Geoff Brown

Profits at Iseq-listed Kenmare Resources dropped 36 per cent in 2023 as rising costs and falling revenue impact returns.

The Dublin-based, Mozambique-focused company reported profit after tax of $131 million (€120.5 million), down 36 per cent on 2022 when it was $206 million.

Total cash operating costs were 4 per cent higher than the previous year at $228.1 million due to increased equipment rental, higher fuel costs and expenses associated with a severe lightning strike ...