Mining company Kenmare Resources has announced total shipments of finished products jumped 133% to 309,000 tonnes in the second quarter of the year.
In its production report for Q2 & H1 2016, the firm said strong increases in production of Ilmenite and Zircon contributed to what was a quarterly product shipment record.
Kenmare also said it expects production output for the remainder of the year to increase due to increases in dry mining, grade as well as operating time.
Meanwhile, gross debt at Kenmare fell by 74% to $100m after capital restructuring and material deleveraging, and cash and cash equivalents were $12.3m at the end of June – a fall of $2.1m compared with December 2015.
Kenmare MD Michael Carvill said “the strengthening of the balance sheet, allied with falling cash costs and consistent productivity gains at Moma, positions Kenmare to benefit from the improvement in the titanium feedstock market we are currently experiencing as higher ilmenite prices are reflected in revenues for the second half of 2016."
The company will issue its half-year financial results on 24 August.
