Mining company Kenmare Resources has reported pre-tax profits of just under $350,000 for last year, mainly due to gains from interest and foreign exchange.
The company owns the Moma titanium mine in Mozambique, which has had a number of problems.
Kenmare says it has made 'significant' improvements in production levels and it is confident the mine will reach full production by the end of this year.
The company has appointed a new chief operating officer and general manager for the mine. It has also agreed with its lenders on a deferral of capital repayments during 2009.
Kenmare also says the economic downturn is affecting demand for titanium mineral products, but the bulk of the mine's production this year is covered under existing contracts.
