Production increases and higher sales volumes drove revenue and profits at mining firm Kenmare Resources to record levels for a half year.
The Dublin and London listed group reported a 51% increase in revenue for the six months to the end of June to $178.2 million with 44% higher sales volumes and sales prices that were up 5%.
It reported an after tax profit of $48 million, a significant increase on the $12.7 reported at the same time last year.
The group increased its interim dividend to 7.29 US cents per share, more than triple last year's interim dividend.
Kenmare Resources is one of the leading global producers of of titanium minerals and zircon.
The group operates the Moma Titanium Minerals Mine in northern Mozambique.
"We remain confident in the outlook for annual production and re-iterate our guidance of 1.1-1.2 million tonnes of ilmenite in 2021," from Michael Carvill, Managing Director of Kenmare Resources said.
"Market conditions for titanium feedstocks remained strong in H1 2021, with pricing strengthening quarter on quarter. The outlook for zircon has also continued to improve, with price increases during the half and continuing into H2 2021 to date," he added.
He said the group remained concerned about the rise in Covid-19 cases in Southern Africa, primarily due to the Delta variant of the virus.
"I'm particularly pleased that we completed the first round of Covid-19 vaccinations for our mine employees and contractors. Local community vaccinations have also commenced," Mr Carvill said.
