Kenmare Resources Plc. (KMR.L), global producer of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine in northern Mozambique, reported that net loss for the six month period ended 30 June 2015 narrowed to US$27.9 million from US$31.8 million in the prior year. Loss was 1.00 cent per share compared to a loss of 1.14 cent per share in the previous year.
Loss before tax was 27.93 million pounds, compared to a loss of 32.09 million pounds in the prior year.
Production volumes of Heavy Mineral Concentrate or "HMC" and finished products (ilmenite, zircon and rutile) decreased by 25% on the same period last year, with most of the reduction attributable to the grid power supply interruption.
Revenues for the period decreased to US$73.9 million from US$81.2 million last year. Notwithstanding a 3% increase in tonnes sold to 412,000 tonnes (H1 2014: 399,000 tonnes) of ilmenite, zircon and rutile, the reduction in revenues was principally impacted by an 18% reduction in ilmenite prices.
Michael Carvill, Managing Director, said, "Production in H1 2015 was severely impacted by weather related power outages in Q1, remedial work in Q2 and unofficial industrial action in June - significantly reducing operating hours for the plant during the period."
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