Titanium and zircon miner Kenmare Resources has reported a big jump in profits and revenues for 2021 after what it called a record year for the company.
Kenmare, which operates the Moma Titanium Minerals Mine in northern Mozambique, also said that prices were on average 21% higher in 2021 compared to 2020.
The company said its profit after tax for the year to the end of December soared by 669% to $128.5m due to higher EBITDA, which was partially offset by increased depreciation charges.
Revenues for the year jumped by 87% $455.9m on the back of record shipments and a 21% increase in the average price received for Kenmare's products.
The company has recommended a dividend of $32.71 cent per share - a jump of 227% on the dividend of 10 cent in 2020.
During the year, the miner saw record annual heavy mineral concentrate (HMC) production of 1,555,900 tonnes, representing a 30% increase compared to 2020.
It also saw a 48% increase in ilmenite production to 1,119,400 tonnes benefitting from increased HMC processed.
Kenmare said that global demand for ilmenite, its primary product, continues to exceed supply and its production volumes are being well received by the market.
The company said it was on track to achieve 2022 guidance, although production in the first quarter of the year is expected to be below the anticipated annual run rate due to poor weather conditions.
Michael Carvill, Kenmare's Managing Director, said that 2021 was a record year for the company on all fronts.
"Our financial results were driven by record production volumes and higher average prices received for our products, with revenues up 87% and EBITDA up 182%," Mr Carvill said.
"Following our lowest ever Lost Time Injury Frequency Rate in 2021, we have continued to achieve new safety milestones, passing eight million hours without a Lost Time Injury in early March 2022," he said.
"Production in Q1 2022 has been impacted by poor weather conditions but we remain on track to achieve our 2022 guidance," he added.
