Business
Q3 2017 Production Report
Q3 2017 Production Report.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n Q3 2017 Production ReportKenmare Resources plc (\"Kenmare\" or \"the Company\")11 October 2017 Q3 2017 Production ReportKenmare 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, is pleased to provide a trading update for the third quarter ending 30 September 2017 (\"Q3 2017\").Statement from Michael Carvill, Managing Director: \"Q3 2017 represented another record quarter for Kenmare's ilmenite production, keeping the Company on track for the highest ever annual production, which will be within the guidance range. In the product market, Chinese demand for ilmenite is improving again, following a slower period in the last couple of months. The zircon market has performed strongly, with further price increases in H2 2017.\"Overview Production of total finished products was 277,800 tonnes in Q3 2017 (Q3 2016: 265,700).Ore mined in Q3 2017 increased 9% to 7,788,000 tonnes, compared to the equivalent period in the prior year (Q3 2016: 7,160,800 tonnes). Production of Heavy Mineral Concentrate (\"HMC\") in Q3 2017 declined 16% to 272,600 tonnes (Q3 2016: 325,100 tonnes), due to guided lower grades and more challenging mining conditions, which are expected to improve in Q4 2017. Ilmenite production in Q3 2017 was 257,500 tonnes, up 6% on the prior year period (Q3 2016: 243,500 tonnes) and on track for record annual production. Q4 2017 ilmenite production will be closely related to HMC volumes produced as stockpiles were substantially drawn down in Q3 2017, in line with expectations.Zircon production in Q3 2017, decreased 8% to 18,100 tonnes (Q3 2016: 19,700 tonnes), due to an increase of intermediate zircon stocks, as ongoing circuit modifications progressed.Total shipments of finished products in Q3 2017 decreased 26% to 208,400 tonnes (Q3 2016: 280,800 tonnes), in line with previous guidance, due to planned maintenance of the primary transhipment vessel. China spot ilmenite prices have begun to strengthen, following a weaker period in recent months, while zircon prices continue to improve strongly.ProductionProduction and shipments from the Moma Mine for Q3 2017 was as follows: Q3-201...