Mining and exploration company Kenmare has said that revenue in the third three months of the year was mostly generated from ilmenite sales.
Ilmenite is used in the production colour for paints, paper and plastic.
In a statement, Kenmare said that the favourable supply and demand conditions in the industry over the last two years led to significant price increases in both pigment and feedstock.
Kenmare's main activity is operating the Moma Mine on the north east coast of Mozambique. This contains deposits of heavy minerals which include the titanium minerals ilmenite and rutile, as well as the zirconium silicate mineral, zircon.
Kenmare said that its short term business outlook has been affected by softer markets for titanium minerals feedstock and zircon products. It said that in the case of titanium minerals, it views this as a temporary situation caused by the general global economic slowdown, and particularly weakness in the housing and construction sectors.
It said that at the end of last month the net debt position of the company was $239m, with all debt payments made as scheduled.