Business
Correction: 2021 Preliminary Results
Correction: 2021 Preliminary Results.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n \n \n Correction: 2021 Preliminary Results\n \n \n \n \n Kenmare Resources plc \n (“Kenmare” or “the Company” or “the Group”)\n 23 March 2022\n \n \n 2021 PRELIMINARY RESULTS\n \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 2021.\n \n Statement from Michael Carvill, Managing Director: \n \n \n “\n 2021 was a record year for Kenmare on all fronts. Our financial results were driven by record production volumes and higher average prices received for our products, with revenues up 87% and EBITDA up 182%. Following our lowest ever Lost Time Injury Frequency Rate in 2021, we have continued to \n achieve\n new safety milestones, \n passing\n eight million hours without a Lost Time Injury in early March\n 2022\n . \n Production\n in Q1 2022 has been impacted by \n poor weather conditions but we remain on track to achieve our \n 20\n 2\n 2\n guidance\n .\n \n \n We are pleased to be publishing our first C\n limate\n Strategy Report in the coming weeks, along with our second Sustainability Report. In addition to setting \n a \n short\n -\n term carbon reduction target, the Board has also approved our ambition to be Net Zero by 2040.\n \n \n The positive momentum we saw in all our product markets in 2021 has continued into 2022. Global demand for ilmenite, our primary product, continues to exceed supply \n and our production volumes are being well received by the market.\n \n \n In light of\n this continuing market strength and our record performance, the Board is recommending a \n 20\n 21 \n dividend of USc32.7\n 1\n per share, up from \n USc\n 10.0\n 0\n per share\n in \n 20\n 20\n . This is in line with our \n 2021 \n dividend target \n payout\n of 25% of profit after tax and follows the $81.6 million share buy-back we completed in December as part of our strategy to deliver compelling shareholder returns.”\n \n \n 2021 \n o\n verview\n \n \n Financial\n \n \n Recommended 2021 dividend of $32.1 million or USc32.71 per share (2020: USc10.00), up 227% on 2020, comprising an interim dividend of USc7.29 per share (paid in October 2021) and a final dividend of USc25.42 per share (expected to be pai...