Titanium and zircon miner Kenmare Resources has reported higher revenue and profits for the first six months of the year to the end of June.
Revenue increased by 9% to $182.1 million, up from $167.8 million during the same period last year.
It said this was driven by a 52% increase in the average received price to $429 per tonne, from $282 per tonne during the same period last year.
Earnings before interest, taxes and amortisation (EBITA) increased 28% to $105.5 million, resulting in a 30% increase in profit after tax to $62.5 million.
Michael Carvill, Managing Director of Kenmare Resources said this gave them the confidence to increase their interim dividend to USc10.98 per share.
"This represents a 51% increase compared to last year's interim dividend, benefitting from the share buy-back completed in December 2021," Mr Carvill said.
Mr Carvill said after a "challenging" first five months of the year, production improved in May and this has continued for the 12 weeks since then.
"At this run rate, we remain on track to achieve guidance, albeit at the bottom of the range," he added.
"We ended the first half of the year with a robust balance sheet, having reduced net debt by $17.3 million. We expect that our financial position will continue to strengthen in H2 2022, as shipments are anticipated to increase and our order book is largely committed," Mr Carvill said.
