Kenmare, a mining conglomerate headquartered in Dublin, has noted a decrease in revenue due to a reduction in product shipments from its Moma titanium mine in northern Mozambique, along with a decrease in pricing. Nonetheless, the company remains confident that it will meet its 2024 earnings projection.
The company revealed yesterday that following four decades of leadership, founder and long-time managing director Michael Carvill will be stepping down this week. Tom Hickey, the financial director who has previously spent time with Tullow Oil, is set to replace him.
In their most recent semi-annual results, Kenmare revealed that during the six months leading up to June, revenue from mineral products stood at $154.5 million (€140.6 million), marking a 33% decrease from the previous year due to reduced shipments, lower prices, and change in product mix.
However, Kenmare maintains that there will be growth in shipments and a reversal in product mix, with two zircon shipments that were delayed in the second quarter now sent off in early Q3. Despite the decrease in shipments, Kenmare reported a record-breaking net cash increase of $58.9 million, after paying $34.7 million in dividends and investing $49.1 million in capital expenditure.
Chairman Andrew Webb stated that, “Early H2 shipments have strengthened due to robust customer order visibility, high finished product inventories, and improved seasonal weather conditions. As a result, we anticipate most of our revenue to be concentrated in the second half of the year.”
Furthermore, Kenmare has begun the process to find Tom Hickey’s successor as the chief financial officer.