Kenmare expects ‘watershed’ 2013
JOHANNESBURG (miningweekly.com) – LSE-listed Kenmare Resources CEO Justin Loasby on Wednesday said he expected 2013 to be a “watershed year” for the company, as its Mozambique-based Moma asset came on-stream.
“With the expansion coming on stream, we are now at the point where we can concentrate on operating the assets to achieve a sustainable return on the investment that has gone into their development," he said in a statement on Tuesday.
The 50% expansion of production facilities at its Moma operation had entered the commissioning phase, with the new wet concentrator plant and dredge having been floated and only some pipework still to be installed.
Loasby added that, while the latter part of 2012 saw difficult conditions emerge in the market for Kenmare’s products, the nature of commodity markets was that restocking invariably followed destocking, often with a relatively rapid upturn in prices.
“In addition, Moma is a world-class, developed resource with a very long mine life and intrinsically low operating costs a ton – two characteristics of enduring success in the global mining industry,” he commented.
Meanwhile, in its preliminary results for the year ended December 31, 2012, released on Tuesday, the company reported total production of heavy mineral concentrate for 2012 of 772 300 t.
Operating profit increased from $52.9-million for the comparative 2011 period to $80.4-million in the period under review.
Basic earnings a share grew from $0.99 a share to $2.01 a share.
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