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Kenmare Resources PLC - producer of titanium minerals and zircon from Moma titanium minerals mine in northern Mozambique - Achieves revised 2023 production guidance for ilmenite and original guidance for primary zircon and rutile. Says guidance for concentrates was "materially exceeded". Produces 269,600 tonnes of ilmenite in the fourth quarter, down 7% on the third quarter and 5% from a year before. For all of 2023, ilmenite output is 986,300 tonnes, down 9% on 2022. Ilmenite is a titanium-iron oxide mineral that is the primary ore for titanium. Production of primary zircon is 13% for all of 2023, while production of rutile is down 6%. However, concentrates output is up 1%.
Kenmare highlights that it achieved 2 million hours worked without a lost-time injury in December.
"Markets for our products were challenging in 2023 due to global economic uncertainty, resulting in lower pricing," Kenmare says. "However strong pigment production in China and the thriving titanium metal market drove demand for our high-quality ilmenite, relative to other titanium feedstocks."
For 2024, Kenmare guides production of 950,000 to 1.1 million tonnes of ilmenite, meaning from slightly down on 2023 to up 6.5%. Kenmare will release its 2023 financial results on March 20.
Current stock price: 323.50 pence
12-month change: down 32%
By Tom Waite, Alliance News editor
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