Thursday, April 24 10:36:41
Production of ore mined at Irish group, Kenmare Resources' Moma mine in Mozambique surged by 81pc in the first quarter of this year, its interim statement said this morning.
It said that ore mined rose to 7,543,000 tonnes compared to 4,156,000 tonnes in the same period a year earlier.
Production of heavy mineral concentrate (HMC) was up 51pc to 287,000 tonnes while ilmenite production rose 53pc to 210,800 tonnes and production of primary zircon was up 35pc to 7,700 tonnes.
Sales of finished products rose by a massive 299pc to 193,900 tonnes.
Michael Carvill, Managing Director, said the surge in production followed the completion of the expansion of Moma in late 2013.
"Q1 has historically been our lowest production quarter due to the issues associated with power supply in the Southern Hemisphere summer months. Consequently, we are pleased to have reached an agreement to bring a diesel-powered electricity generating plant on site as an auxiliary power source, providing the Mineral Separation Plant ("MSP") with increased security of power supply to more effectively utilise our new expanded facilities. With the rescheduling of debt payments completed and the problem of power fluctuation having been mitigated, we look forward to reporting further progress on lowering unit operating costs and ramping up production to nameplate capacity," he said.