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Kenmare Closed 2022 With Revenues Up 18% To $498.4 Million

Kenmare Closed 2022 With Revenues Up 18% To $498.4 Million

Irish mining company Kenmare Resources, one of the world’s leading producers of titanium and zirconium minerals, which exploits the heavy sands of Moma, in the northern province of Nampula, Mozambique, announced today, Wednesday, 22 March, its preliminary results for last year’s economic year.

According to the report published on its website, revenues from mineral products rose 18 percent to US$498.4 million, and Ebitda – earnings before interest, tax, depreciation and amortisation – rose 39 percent to US$298 million.

For Kenmare CEO Michael Carvill, “2022 was a year of record financial performance for the multinational. Our financial results were driven by stable production volumes and record product prices,” says Michael Carvill, quoted in the document.

By the end of 2022, the mining company has moved to a net cash position of US$27.5 million, which represents a US$110.3 million improvement over the 12 months. Accordingly, “the Board recommends a dividend of $54.31 per share for 2022, up 66% from $32.71 per share for 2021.”

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For this year 2023, the mining company remains optimistic, despite having halted ilmenite and rutile production in February due to the extreme shocks. “In 2023, the market for our products remains buoyant, albeit at levels marginally below the highs of the third quarter of 2022, with strong volume demand from customers,” the document reads.

Diário Económico

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