Titanium and zircon miner Kenmare Resources said that production strengthened in the third quarter of this year compared to the second quarter, as expected, on the back of higher excavated ore volumes.
Kenmare operates the Moma Titanium Minerals Mine in northern Mozambique, and its products are used in such items as paints, plastics and ceramic tiles.
It said today it is on track to achieve its 2024 guidance on all metrics, adding that shipments also improved significantly, with over 300,000 tonnes of products shipped.
This is expected to drive stronger financial performance in the second half of the year compared to the first, it added.
It said that strong global pigment production continues to support demand for Kenmare's products.
Kenmare reported a 4% increase in primary zircon production to 14,600 tonnes, due to improved recoveries and the processing of intermediate stocks.
But ilmenite production of 257,400 tonnes was down 12% compared to the same time last year on the back of reduced Heavy Mineral Concentrate, which decreased by 14% to 355,400 tonnes - in line with expectations.
The company said that Tom Hickey was appointed as Managing Director in August, succeeding Michael Carvill, and added that a process is underway to identify Mr Hickey's successor as Chief Financial Officer.
Tom Hickey said he visited Moma in September for the first time since taking on the role of Managing Director and said it was encouraging to see the significant progress being made on the Wet Concentrator Plant A upgrade.
"It was also exciting to discuss the near-term commissioning of a small-scale dredge-mining and concentrating operation to support production in 2025 and beyond. Additionally, we made the first trial shipment of a new concentrates product during the quarter," he said.
"Market conditions for all of our products continue to be robust, with the healthy demand we experienced in the third quarter extending into the fourth quarter. Our order book is largely committed for the remainder of the year," he added.
