Business

Kenmare Resources on track to meet 2024 guidance

Significant maintenance work contributes to decline in shipments in first quarter

Kenmare Resources said production is on track for the year. Photograph: iStock

Ciara O'Brien
Thu Apr 11 2024 - 07:42

Kenmare Resources said shipments fell in the first quarter of the year, but remained on track to meet guidance for the year, the company said.

An update for the first three months of the year yielded few surprises, with overall shipments down 11 per cent in part due to significant maintenance work on its mineral separation plant.Production in zircon fell to 8,300 tonnes from 11,400 a year earlier, while rutile fell marginally to 1,500 tonnes, and concentrates declined from 10,100 tonnes to 9,600 tonnes.

Heavy mineral concentrate production was 316,400 tonnes, in line with 315,000 tonnes a year earlier, while ilmenite production was 205,500 tonnes, up from 204,300 tonnes in 2023.

Managing director Michael Carvill said production was in line with expectations and guidance for the quarter, and was optimistic for the year.

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“We anticipate production will strengthen through the rest of the year, due to a stronger grade profile and typically fewer seasonal power interruptions,” he said.

“The markets for our products were encouraging in Q1, with stronger than expected demand, particularly for ilmenite. This was driven by recovering titanium pigment demand and the continued growth of the titanium metal market.”

Mr Carvill is set to step away from his role as managing director and leave the board kater this year, a development that was announced last month. The search for a successor is already under way.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist

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