Kenmare Resources PLC (KMR.L), a producer of titanium minerals and zircon, on Wednesday reported a decline in production for the third quarter.
For the third quarter, the company posted excavated ore of 8.979 million tons, less than 11.089 million tons in the same period last year.
Shipments moved down to 227400 tons from the prior year's 302700 tons. This is due to the reduced shipping capacity as a result of dry dock.
Heavy mineral concentrate production was 298400 tons, less than 355400 tons a year ago, due to lower excavated ore volumes.
Heavy mineral concentrate processed stood at 282800 tons as against 356000 tons in the previous year. Ilmenite output declined to 209000 tons from 257400 tons in 2024. Primary zircon production also slipped to 12300 tons from last year's 14600 tons.
Looking ahead, Tom Hickey, Managing Director of Kenmare Resources, said: "Q3 was an important quarter for the Wet Concentrator Plant (WCP) A upgrade project, with commissioning of the new dredges and new feed preparation module commencing. The upgraded plant is on track to achieve its nameplate capacity by the end of 2025. We continue to expect to achieve our 2025 production and cost guidance, subject to the ramp up of WCP A progressing to schedule. Ilmenite production is now anticipated to be towards the lower end of the guidance range at 930,000-960,000 tons, which is due primarily to the upgrade work starting later in Q3 than expected."
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