Kenmare Resources Q4 Production Climbs, Shipments Down

Kenmare Resources plc (KMR.L), a producer of titanium minerals and zircon, reported Wednesday higher production in the fourth quarter, while shipments were weak.

In its production update, the company said fourth-quarter Heavy Mineral Concentrate or HMC production increased 17 percent to 404,000 tonnes from last year, benefitting from higher tonnes mined and improved grades.

Ilmenite production grew 15 percent to 283,900 tonnes from prior year. Shipments of finished products of 365,700 tonnes fell 1 percent from the same period in 2021.

For fiscal 2022, HMC production increased 2 percent to 1.59 million tonnes, while Ilmenite production decreased 3 percent to 1.09 million tonnes from prior year's 1.12 million tonnes.

Shipments of finished products of 1.08 million tonnes in 2022 fell 16 percent from 2021, reflecting planned maintenance on the transshipment fleet.

The company noted that higher average prices were achieved for all products in the full year.

Michael Carvill, Managing Director, said, "Despite some macroeconomic headwinds, we continue to see a robust market for our products, with strong pricing achieved in Q4 2022. As China further relaxes COVID-19 restrictions, we expect higher domestic demand to support our sales in the region."

Kenmare said it continue to target a total dividend payment of 25 percent of profit after tax in respect of 2022.

Kenmare plans to release its 2022 Preliminary Results on March 22.

Looking ahead for fiscal 2023, ilmenite production is expected to range between 1.05 million to 1.15 million tonnes.

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