Business
Kenmare Resources : Trading Update
Kenmare Resources : Trading Update.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n Kenmare Resources : Trading UpdateKenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals, is pleased to provide a trading update on its Moma Mine for the fourth quarter and year ending 31 December 2013, ahead of the publication of the Company's preliminary results on 12 March 2014.Overview Moma expanded plant commissioned and in operationOre mined in 2013 increased 22% to 23,951,200 tonnes (2012: 19,588,800 tonnes)Heavy Mineral Concentrate (\"HMC\") production increased 47% to 1,137,200 tonnes (2012: 772,300 tonnes)Ilmenite production increased 25% to 720,100 tonnes (2012: 574,500 tonnes)Zircon production decreased 33% to 31,400 tonnes (2012: 46,900 tonnes)Total shipments 677,900 tonnes of finished products (2012: 680,800 tonnes)Strategic focus in 2014 to increase production and identify and realise operational efficiencies to reduce unit costsStatement from Michael Carvill, Managing Director: \"Completion of the expansion is another important milestone in Kenmare's development. I am delighted to see the positive contribution made by the expanded facilities and anticipate that production will continue to improve as we work with local authorities to manage the power supply issues. Kenmare will use the leverage of additional production capacity to drive down unit costs. We will also identify and realise operational efficiencies.\"Production & ShippingProduction from the Moma Mine for fourth quarter and full year 2013 was as follows: Q4-2013Q4-2012Variance FY-2013FY-2012Variancetonnestonnes%tonnestonnes%Ore mined 7,655,700 3,483,500 120% 23,951,200 19,588,800 22% Grade 6.30% 5.70% 11% 5.90% 5.50% 7% HMC 311,000 157,000 98% 1,137,200 772,300 47% Ilmenite 209,400 123,600 69% 720,100 574,500 25% Zircon* 6,600 10,600 -38% 31,400 46,900 -33% Including secondary grade zircon product in Q4 2013 1,000 tonnes (Q4 2012: 4,500 tonnes) and in FY 2013 10,300 tonnes (FY 2012: 19,400 tonnes)During 2013, Kenmare mined 23,951,200 tonnes of ore at an average grade of 5.9% and produced 1,137,200 tonnes of HMC. Finished product volumes for the year were 720,100 tonnes of ilmenite and 31,400 tonnes of zircon (including 10,300 tonnes of a secondary grade zircon product).During the fourth quarter of 2013, Kenmare mined 7,655,700 tonnes of ore at a grade of 6.3% and prod...