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Kenmare Resources, 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, has just reported records after records in all fronts of the business for the present quarter and half year ending 30 June 2018.
According to Michael Carvill, Kenmare Resources Managing Director, production in Q2 2018 increased from Q1 2018, in line with expectations and guidance for the full year. “Final product shipment also achieved new records, whilst average product prices received increased, resulting in strong cash flow generation in H1 2018. Our net debt has consequently been reduced by a further US$25.0 million,” added.
This strong cash flow has been achieved in spite of planned spending on capital projects to expand mining capacity. I have been encouraged by the progress of the WCP B upgrade, which is currently commissioning, ahead of time and below budget.
Kenmare focus will be on its drive to increase production and reduce unit costs by 2021, funded by internally generated cashflow. The company will also provide an outline of our dividend policy.”source: Kenmare