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Kenmare sees record 2013

Tuesday, March 12 08:37:11

Mining company Kenmare Resources said its revenues for 2012 rose to $234.6m from $167.5m the previous year. Kenmore said its profits after tax increased from $23.7m in 2011 to $49.5m by the end of December. It said the markets for its products were strong for much of the year, despite a slowdown towards the end of the year.

The company said it was able to sell more than it produced in 2012 at significantly higher prices than in 2011. The company mines titanium dioxide in the form of mineral sands, mainly ilmenite and zircon. These are mainly used in the manufacture of paints and ceramics. The company is currently expanding its Moma mine in Mozambique, which should see production boosted by 50pc. Chairman Justin Loasby said that, in his view, 2013 is going to be a ''watershed'' year for Kenmare according to RTE News.