HomeBusiness and policyKenmare Resources: H1,2021 profits after tax up 278%

Kenmare Resources: H1,2021 profits after tax up 278%

Kenmare Resources, which operates the Moma Titanium Minerals Mine, has published its report for the six-month period ended 30 June 2021.

“I am delighted to see the capital investment and the hard work of our teams over the last three years generating significant increases in production and sales volumes,” states MD, Michael Carvill.

“This is also translating into higher profitability. H1,2021 EBITDA is up 121% on last year and profits after tax are up 278%. As a result, we have increased our interim dividend to USc7.29 per share, more than triple last year’s interim dividend.

“We remain concerned by the rise in delta variant COVID-19 cases in Southern Africa. Therefore, I’m particularly pleased that we completed the first round of COVID-19 vaccinations for our employees and contractors. Local community vaccinations have also commenced.

“We remain confident in the outlook for annual production and re-iterate our guidance of 1.1-1.2 Mt of ilmenite in 2021. I am pleased our RUPS decarbonisation project, targeting a material reduction in CO2 emissions, is underway. Market conditions for titanium feedstocks remained strong in H1,2021, with pricing strengthening quarter on quarter. The outlook for zircon has also continued to improve, with price increases during the half and continuing into H2,2021 to date.”