Kenmare Resources has reported a small loss of just under $100,000 for the first half of 2007, though operating losses narrowed sharply from just under $5m to $1.7m.
Kenmare has taken over mining operations at its titanium mine in Moma in Mozambique and hopes to be producing at a rate of 800,000 tonnes of ilmenite a year by the end of 2007.
The company said its contractor still had some work to do on the mineral separation product, which processes the mine's output. Kenmare said a delay in revenues caused by this had affected its finances, and it has set up an additional $22m credit facility.
