Exploration company Kenmare Resources has reported pre-tax profits of $4.7m for last year, up from $23,000 in 2004.
Kenmare says construction activity at its Moma mine development in Mozambique is more than 80% finished, and the plant will be ready by the end of 2006.
The company says the outlook for the metals to be produced at the mine - ilmenite and rutile - is positive, boosted by demand from China and a resurgence in demand from the aerospace industry.
