Business
Kenmare Resources plc : 2013 Half-yearly report
Kenmare Resources plc : 2013 Half-yearly report.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n Kenmare Resources plc : 2013 Half-yearly reportKenmare Resources plc (\"Kenmare\" or \"the Company\")Kenmare Resources plc Half-Yearly ResultsSix Months Ended 30 June 2013(LSE/ISE: KMR)Overview Phase II expansion facilities operational and ramping up production Heavy Mineral Concentrate production up 24% on H1 2012 to 480,000 tonnes Ilmenite production up 9% on H1 2012 to 302,600 tonnes, zircon production down 19% to 19,100 tonnes Moma Project loan amendment agreedH2 expected to show strong growth over H1 production volumes as expansion plant ramps up RevenuesUS$79.3 million (H1 2012: US$109.1 million EBITDA US$18.8 million (H1 2012: US$55.5 million) Operating profit US$6.9 million (H1 2012: US$47.0 million) Net loss US$10.2 million (H1 2012: net profit US$38.8 million) Ilmenite market still subdued, zircon market continues to show signs of recovery Statement by Michael Carvill, Managing Director: \"With increasing production and the completion of the major investment phase, management's focus is now on controlling operating costs, conserving cash and de-risking the business. To this end, a three year wage agreement has been reached with our unionised workforce, a system to reduce disruption to electricity supply has been installed and our capital expenditure programme has been reviewed. Kenmare will be well-positioned for the global titanium feedstock market's emergence from this unusually protracted period of subdued demand.\"For further information, please contact:Kenmare Resources plc Michael Carvill, Managing DirectorTel: +353 1 671 0411Mob: + 353 87 674 0110Tony McCluskey, Financial DirectorTel: +353 1 671 0411Mob: + 353 87 674 0346Virginia Skroski, Investor Relations ManagerTel: +353 1 671 0411Mob: + 353 87 739 1103Murray Consultants Joe Heron/Jim MiltonTel: +353 1 498 0300Mob: +353 86 255 8400Tavistock Communications Mike Bartlett / Jos SimsonTel: +44 207 920 3150Mob: +44 7753 949108INTERIM MANAGEMENT REPORTOverviewKenmare recorded an operating profit for the first half of 2013 of US$6.9 million (2012: US$47.0 million) and EBITDA of US$18.8 million (2012: US$55.5 million). While production volumes of Heavy Mineral Concentrate (HMC) and ilmenite increased by 24% and 9% respectively on the same period last year, revenues decreased to US$79.3 million (2012: US$109.1 m...