Kenmare Resources, a titan in the industry of titanium minerals mining, announced that its production progress in the third quarter of the year aligns smoothly with its 2024 objectives, propelled by escalated levels of excavated ore. Kenmare, globally recognised as a principal producer of titanium materials and zircon from its Moma mine based in Mozambique, clarified that a shipping increase in the year’s third quarter, particularly over 300,000 tonnes of produce in the period through to September 30th, lent solid support to its financial performance throughout the second half of the year. This performance was also bolstered by two postponed zircon shipments from the second quarter which were belatedly sent early in the third quarter, as well as favourable weather conditions.
Over this quarter, Kenmare produced 355,000 tonnes of heavy mineral concentrates (HMC), marking a 14% reduction year-on-year due to diminished ore grades. The company witnessed a decline of 12% year-on-year in ilmenite production, a result of decreased HMC processing, although ilmenite pricing remained steady throughout the third quarter. Meanwhile, Kenmare’s average price was elevated quarter-on-quarter.
Both primary zircon and rutile production experienced growth. With primary zircon’s production rising by 4% year-on-year, rutile production escalated by 7%, resulting in a record quarterly total of 2,900 tonnes.
Tom Hickey, the managing director, described the progress on the Wet Concentrator Plant A upgrade as significant and encouraging. Hickey further explained, “In addition to this, we are looking forward to the imminent start of a compact dredge-mining and concentrating operation which will foster production from 2025 onwards. We also took the initiative to make the first experimental shipment of a new concentrates product during this quarter.” Tom Hickey continued to say that market conditions for every product remain promising, with the significant Q3 demand continuing into Q4, and most of the orders for the rest of the year are already committed.
Tom Hickey, the preceding chief financial officer, filled in the shoes of Michael Carvill as the managing director in August. Michael Carvill stepped down from his role after nearly four decades of serving at the forefront. Currently, Kenmare is involved in a recruitment drive for a new chief financial officer to fill Tom Hickey’s previous office.