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Kenmare Resources Says Achieved Or Exceeded Midpoint Of Finished Products Guidance Ranges

Kenmare Resources plc. (KMR.L), in its trading update for the fourth quarter and the full year ended 31 December 2020, said that it achieved or exceeded the midpoint of its August 2020 guidance ranges for all finished products. It targets an uplift of ilmenite production in 2021 of between approximately 45% and 60%. In addition to higher revenues, increased production will deliver lower unit costs.

In the fourth-quarter 2020, Kenmare produced 219,100 tonnes of ilmenite, a 7% increase from last year.

Total shipments of finished products in fiscal year 2020 were 853,100 tonnes, a 17% decrease from the prior year, impacted by adverse weather conditions during a significant portion of the year and reduced availability of the transhipment vessels, which underwent works to increase capacity. Shipments were comprised of 766,500 tonnes of ilmenite, 43,100 tonnes of primary zircon, 6,300 tonnes of rutile and 37,200 tonnes of concentrates.

The company expects production of all finished products for fiscal year 2021 to be higher than in fiscal year 2020, due primarily to WCP B mining higher grade ore in Pilivili. Ilmenite production in 2021 is expected to be 1.1 million to 1.2 million tonnes, building towards 1.2 million tonnes per annum on a consistent basis.
QKenmare will release its 2020 Preliminary Results on Wednesday 24 March 2021.

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