Kenmare Q3 revenue up on higher output
Post Date: 28 Oct 2011 Viewed: 400
LONDON, Oct 27 (Reuters) - Kenmare Resources Plc said third-quarter revenue rose strongly from the second quarter mainly on higher production and also helped by increased prices.
Ilmenite production was 147,000 tonnes, up 5 percent from the second quarter, while output of zircon grew 17 percent to 11,200 tonnes from its Moma mine in Mozambique.
However, it said overall production of heavy mineral concentrates was still below capacity due to difficulties operating in a clay-rich zone and because of teething problems associated with new equipment. Kenmare said it had since moved into more productive mining conditions.
The Irish mining firm said in August that it expects a dramatic boost to earnings next year when it will be able to capitalise on higher prices for its key products.