Mining group Kenmare Resources has reported a pre-tax loss of $200,000 for the first six months of this year, narrower than the $8m loss reported a year earlier. Kenmare owns and operates the Moma titanium minerals mine in northern Mozambique.
It said production at the mine in the second quarter of the year was 23% ahead of the first quarter. Kenmare said 97% of work on a project aimed at improving the mine's performance had been done.
The company said the project had contributed to a steady increase in output at the mine, and July had been a record month. But Kenmare said demand for titanium had declined so far this year due to the global recession.
The company will be reporting operating costs and revenue in its income statement from July 1 this year. Previously, costs net of revenues had been capitalised in development spending.
