Irish exploration group, Kenmare Resources, says it expects to extract 60% more resources from its Moma Titanium Minerals mine in Africa than previously thought.
Kenmare, which is listed in Dublin and London, says mining has started at the mine in Mozambique.
The African state is home to one of the largest titanium deposits in the world, Kenmare says.
Following a drilling programme at the Nataka zone, the total resource under licence to Kenmare has increased over 60% from 101 million tonnes to 163 tonnes of contained ilmenite - the main titanium bearing mineral.
Managing Director, Michael Carvill, said that he expects the plant to be producing 6.5% of the world supply of titanium by the end of this year.
Chairman, Charles Carvill said the company has been waiting a long time for this day.
He said the increase in the resource base will allow Kenmare to push production levels significantly above its anticipated level, and he is confident that there will be a market for this increase.
'In the meantime the product market is moving in a positive direction with rising prices. We are confident our customers will be able to absorb increased production levels', he said.
Kenmare's share price jumped five cent in Dublin to close at 73 cents.
