Kenmare Resources, which operates the Moma titanium mine in Mozambique, made a loss for the year of $16m, but says the outlook for 2011 is very positive.
The annual pre-tax loss was $16.3m, compared with $30.4m a year ago. Revenue more than trebled to $91.6 million.
The company, which started work at the Moma titanium mineral mine in 1987 in Mozambique, said the mine was operating well and production was broadly in line with expectations.
Ilmenite production went up 44% to 6,78,400 tonnes. Ilmenite is mostly used to make titanium dioxide - a pigment used in paints, plastics, paper, fabrics and inks. The company also produces rutile and zircon, which are used to make titanium pigment by the chemicals industry.
'Prices of titanium minerals and zircon have continued to strengthen in 2011 and this trend is expected to continue. We believe the outlook for 2011 is very positive for Kenmare,' the company's managing director Michael Carvill said in a statement.
