Irish company Kenmare Resources posted a loss of US$17.9 million in the first half, after a profit of US$6.9 million in the same period of 2013, the company said in a statement.
According to the statement production of heavy mineral concentrate (HMC) and ilmenite increased by 26 percent and 47 percent, respectively, compared to the same period last year, “a record” and production is expected to continue to rise in the second half of the year.
According to the statement, in the period at its heavy minerals project in Moma, Nampula province, Kenmare Resources extracted 604,200 tons of HMC, 445,600 tons of ilmenite and 21,400 tons of zircon.
The losses incurred, according to Michael Carvill, the CEO of the Irish firm, were due to prices in the international markets for the minerals extracted by the company falling 23 percent for ilmenite and 7 percent for primary zircon.
In the first six months of the year Kenmare Resources exported 399,000 tons of finished products, an additional 36 percent, and posted revenues of US$81.2 million, compared to US$79.3 million in the same period of 2013. (mchb/MZ)