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Nampula: Kenmare Announces “Near Record-Level” Ilmenite Production at Moma Mine

Nampula: Kenmare Announces “Near Record-Level” Ilmenite Production at Moma Mine

Kenmare Resources recently reported in a trading update that it has almost reached a record level of ilmenite (titanium source) production in Q4 2022, while improving its market position and increasing dividends.

The company, which operates the titanium mineral mine in Moma, Nampula province, is one of the leading producers of titanium minerals in the world, used in various consumer products.

Kenmare’s managing director, Michael Carvill, pointed out that “2022 was another positive year for Kenmare with ilmenite production of 1,08,000 tonnes, despite the challenges of the power outages seen in that period.”

Michael Carvill clarified that shipments in the fourth quarter almost reached record levels.

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“Despite some headwinds in the global economy, we continue to see a robust market for our products, with strong prices achieved in Q4 2022,” he noted. He continued, “as China further eases restrictions on covid-19, we expect increased domestic demand to support our sales in the region.”

Kenmare had a net position of $27.5 million at the end of 2022 and subsequently announced a 51% increase in its interim dividend for the same year to $10.98 per share.

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