Kenmare, one of the leading global producers of titanium minerals and zircon, has reported revenues of $102m for the first six months of 2017. The first half EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased to $29.8 million, compared with negative US$10.7 million in the first half of 2016, while profits increased to $9.4 million from a US$47.1 million loss in the first half of 2016.

The positive results have been driven by a 50% increase in average selling prices and a rise in sales volumes, with total shipments of finished products in the first six months of 2017 increasing 21% to 535,700 tonnes.

Commenting on the report,  the company’s Managing Director, Michael Carvill said, “Kenmare has produced a record one million tonnes of ilmenite in the twelve months to June 2017, whilst improving safety standards, and remains on target for 2017 production guidance. We have also produced record levels of zircon and are capturing more of it in higher quality products. Increased shipments, higher average received prices, and lower unit costs have resulted in H1 EBITDA increasing to US$29.8 million.

He added, “We look forward to building on these achievements. In relation to our medium-term objective of optimising mining capacity, several development options are under assessment some of which may significantly reduce or defer previously guided capex, whilst optimising production volumes. Capital investment decisions will be made in the context of market conditions and maintaining balance sheet strength.

Source: www.businessworld.ie