Mining company Kenmare Resources swung back into profit in the first half of 2017, recording a $9.4m profit – compared with a $47.1m loss for the same period last year.
A rise in prices and sales volumes saw revenue for the period increase by 82% to $102.4m.
The producer of titanium minerals and zircon said ilmenite production in H1 increased by 25% to 504,800 tonnes compared with H1 2016, while zircon production for the first six months of the year saw a 32% increase to 37,700 tonnes.
Kenmare operates the Moma Titanium Minerals Mine in northern Mozambique.
Commenting on the results, its Managing Director Michael Carvill said: "Kenmare has produced a record one million tonnes of ilmenite in the twelve months to June 2017, whilst improving safety standards, and remains on target for 2017 production guidance.
"We have also produced record levels of zircon and are capturing more of it in higher quality products. Increased shipments, higher average received prices, and lower unit costs have resulted in H1 EBITDA increasing to $29.8m."
He added: "In relation to our medium-term objective of optimising mining capacity, several development options are under assessment some of which may significantly reduce or defer previously guided capex, whilst optimising production volumes.
"Capital investment decisions will be made in the context of market conditions and maintaining balance sheet strength."
