Dual-listed Kenmare Resources has announced its preliminary results for the twelve months to 31 December 2018.
Kenmare Resource's MD, Michael Carvill, comments:
“2018 was Kenmare’s third consecutive year of achieving our production guidance and delivering record shipment volumes.
"We recorded a 54% increase in EBITDA to US$93.3 million (up US$32.8 million) and a year-end net cash position of US$13.5 million, compared to US$34.1 million of net debt at the end of 2017 (up US$47.6 million).
"Importantly, we also achieved a significant improvement in our safety performance, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.12 per 200,000 man hours worked in 2018, the lowest level to date.
"In terms of our development programme, we made good progress towards our core objective of delivering an approximate 20% increase in our production rate to 1.2 million tonnes per annum of ilmenite by 2021.
"The first of our three development projects, the 20% expansion of Wet Concentrator Plant (“WCP”) B, was commissioned during the year, more than 25% under budget.
"The second project, WCP C, is well underway and expected to commission in Q4 2019. The DFS for the third project, the move of WCP B to the high grade Pilivili ore zone, is on track for completion in H1, 2019.
"Average received prices for our products were higher in 2018 compared to 2017 and we see a positive outlook due to continued demand growth, depletion of existing mines and limited supply from new mines in the coming years.”