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Kenmare post operating loss of USD17.9m

Wednesday, August 27 11:37:35

Irish-based, Mozambique focussed miner, Kenmare Resources, today an operating loss of USD17.9 million for the first six months of this year compared to a profit of USD6.9m a year ago.

The company, which owns and operates the Moma Mine, posted revenues of USD81.2 million compared to USD79.3 million in the same period a year earlier and EBITDA of USD2.3million compared to USD18.9 million previously.

Michael Carvill, Managing Director, said revenues have remained broadly flat as higher sales volumes have been offset by a reduction in product pricing, particularly for ilmenite.

"A significant proportion of global production is struggling to cover cash operating costs, before debt service or return on capital: this is an unsustainable situation. However, although there have been some production cuts these have been negated by new supply coming on stream which was incentivised by previously high prices and these new volumes are delaying a recovery in prices," he said.

"Kenmare has made substantial progress in reducing unit costs, conserving cash and improving production. We expect results for the full year to benefit from a more favourable sales mix, increased volumes and targeted cost reductions. In addition, we are pleased to have recently concluded an agreement with lenders which provides Kenmare with greater financial flexibility during the currently subdued pricing environment," Mr Carvill added.

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