Business
Half-Yearly Results for the six months to 30 Ju...
Half-Yearly Results for the six months to 30 Ju....
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n Half-Yearly Results for the six months to 30 June 2019 and maiden dividendKenmare Resources plc (“Kenmare” or “the Company” or “the Group”)20 August 2019Half-yearly results for the six months to 30 June 2019 and maiden dividendKenmare 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 half year results for the six month period ended 30 June 2019 (“H1 2019”) and declares its maiden dividend.Statement from Michael Carvill, Managing Director: “I’m proud to declare our maiden dividend of USc2.66 per share, following the announcement of our dividend policy in 2018. Now is the appropriate time to begin making shareholder returns due to our balance sheet strength, improving free cash flow profile and long-life resources.Operationally, we continue to deliver robust results. Excavated ore volumes in H1 2019 set a new record and we are on track to achieve our full year guidance on all stated metrics. We also expect strong shipping volumes in the second half of the year, which, combined with positive pricing dynamics, are expected to boost revenues and profitability. We have already seen ilmenite price increases in Q3 2019 and markets are expected to remain tight, with positive long-term fundamentals.Our development programme is progressing on schedule, with the objective of increasing production to 1.2 million tonnes per annum of ilmenite from 2021 at reduced cash operating costs per tonne. We look forward to providing shareholders with a compelling combination of growth and returns.”H1 2019 overview OperationsContinued strong safety performance with a lost time injury frequency rate (“LTIFR”) of 0.12 per 200,000 man-hours worked in H1 2019 (H1 2018: 0.30)Kenmare is on track to achieve its full year (“FY”) 2019 guidance on all stated metricsDespite an 18% increase in tonnes of excavated ore, Heavy Mineral Concentrate (\"HMC\") production decreased by 8% to 633,400 tonnes in H1 2019 (H1 2018: 688,900 tonnes), due to planned mining of lower ore grades, with grades expected to improve in H2 20192% increase in ilmenite production to 458,200 tonnes (H1 2018: 449,500 tonnes) and marginal increase in primary zircon production to 23,100 tonnes (H1 2018: 23,000 tonnes) primaril...