Kenmare Resources, which operates a titanium mine in Mozambique, has reported profit after tax of £23.7m for 2011.
This compares to a loss of $16.3m the year before.
Revenues increased to $167.5m from $91.6m in 2010, mainly due to the continued strengthening of product prices.
Kenmare said robust demand increased market prices for titanium and it said the outlook was very positive.
In its results statement, it said the minerals it produces and markets - ilmenite, zircon and rutile - have all recently experienced significant price increases due to tightness in supply and rapidly expanding demand.
But it also said that operating costs also increased during a period of mining industry inflation, and it said that cost control remains a key priority for the company.
''The outlook for the business is very positive. Given our plans to increase production and in an environment of increasing prices, Moma operations will generate a strong positive cashflow,'' commented Kenmare's chairman Justin Loasby.
