Source: Macauhub

Kenmare Resources reported the third consecutive year of record export of minerals extracted from the Moma heavy sand deposits in Nampula province, northern Mozambique, in 2018, the Irish company said.

Last year, the company exported 1.074 million tonnes, an increase of 3.26% compared to 1.040 million tonnes in 2017.

Heavy ore concentrate production increased by 4.0% to 1.37 million tonnes (1.323 million in 2017), ilmenite dropped to 958,500 tonnes (998,200 tonnes in 2017) and primary zircon fell to 48,400 tonnes (48,600 tonnes in 2017), Kenmare Resources said.

Gross revenue reached US$262.2 million, compared to US$ 08.3 million a year earlier, due to the increase in exports and the higher prices of these minerals on the international market.

“Average prices for our products were higher in 2018 than in 2017, with a positive outlook given the continued growth in demand, the depletion of existing mines and the limited supply of new mines in the coming years,” the statement said.

Kenmare Resources’ profit after tax rose 162% to US$50.9 million, compared with US$19.4 million in 2017.