Business
2019 Preliminary Results
2019 Preliminary Results.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n \n \n 2019 Preliminary Results\n \n \n \n \n Kenmare Resources plc (“Kenmare” or “the Group”)\n \n 19 March 2020\n \n 2019 Preliminary Results\n \n Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the \"Mine\" or \"Moma\") in northern Mozambique, today announces its preliminary results for the twelve months to 31 December 2019.\n \n Statement from Michael Carvill, Managing Director: \n \n “While 2019 was another year of robust financial and operational performance for Kenmare, the recent outbreak of COVID-19 presents global challenges and uncertainties. The safety and wellbeing of our employees and our host communities remain our overriding priorities. To date there has not been a confirmed case of COVID-19 in Mozambique and there have been no material adverse effects on production at Moma, however stringent risk mitigation procedures have been implemented at site. Ilmenite customer demand remains strong and market pricing has continued to advance year to date. It is likely that there will be some adverse effects on the business this year but the extent is difficult to predict. We will continue to monitor the situation closely and adjust our plans as appropriate.\n During 2019 we continued to advance our growth programme. The second of our three development projects, the construction of Wet Concentrator Plant C, produced its first Heavy Mineral Concentrate in February 2020. The third project, the relocation of WCP B, is currently progressing on track for Q3 2020. Following completion of this growth programme, Kenmare expects to be positioned in the first quartile of the industry revenue to cost curve.\n Average received prices for our products increased by 8% in 2019 compared to 2018 and tight ilmenite market conditions have continued in Q1 2020. We see a positive long-term outlook for all our products due to the depletion of existing mines and limited supply from new mines in the coming years, coupled with continued demand growth.\n The Group has a robust financial position, with gross cash of US$81.2 million at year-end 2019, and we were pleased to have secured our new debt facilities in December 2019. Kenmare is pleased to declare its maiden full year dividend of 8.18 US cents per share, in line with our polic...