Titanium and zircon miner Kenmare Resources said that 2021 was a record year for the company in terms of safety, production and sales.
Kenmare operates the Moma Titanium Minerals Mine in northern Mozambique.
In a trading update for 2012 and the fourth quarter ending December 31, Kenmare said that production of ilmenite, its main product, increased 48% on an annual basis to 1,119,400 tonnes, in line with guidance.
The company also said that shipments were up 51% as demand for Kenmare's products grew strongly.
Ilmenite is the main source of titanium dioxide, which is used in paints, printing inks, fabrics, plastics, paper, sunscreen, food and cosmetics.
The company also said it saw record shipments of finished products of 1,285,300 tonnes in 2021.
This marked a 51% increase compared to 2020 with the rise reflecting increased production and benefitting from improved transshipment capacity.
Kenmare also said it was seeing higher average prices achieved for all products last year. That momentum continued into the first half of 2022 due to strong demand for it products and low ilmenite inventories in the global supply chain.
Kenmare said that on January 6 this year, it achieved a major company milestone of one year without a Lost Time Injury, representing more than six million hours worked.
Michael Carvill, Kenmare's Managing Director, said the company last year received higher average prices for all products compared to 2020 and the outlook for 2022 remains buoyant.
"We were delighted to return almost $100m to shareholders during the year, through dividend payments and a share buy-back, and we continue to target a 25% profit after tax total dividend payment in respect of 2021," he added.