By Eoin Burke-Kennedy<\/b><\/p>\n
Africa-Press – Mozambique. <\/strong><\/span>Kenmare Resources shipped a near-record level of ilmenite, a source of titanium, in the fourth quarter while improving its cash position and announcing an increased dividend.<\/p>\n The Dublin- and London-listed company, which operates the Moma titanium mineral mine in Mozambique, is one of the leading producers of titanium minerals which are used in a myriad of consumer products.<\/p>\n In a trading update, manager director Michael Carvill said \u201c2022 was another good year for Kenmare with ilmenite production of 1,088,300 tonnes, despite the challenges of power interruptions in Q4\u201d.<\/p>\n He noted shipments in the fourth quarter were near record levels.<\/p>\n \u201cDespite some macroeconomic headwinds, we continue to see a robust market for our products, with strong pricing achieved in Q4 2022,\u201d Mr Carvill said. \u201cAs China further relaxes Covid-19 restrictions, we expect higher domestic demand to support our sales in the region,\u201d he said.<\/p>\n Kenmare said it had a net cash position $27.5 million at the end of 2022, which represents a $110.3 million improvement from the previous year. The company announced a 51 per cent increase in the interim 2022 dividend to 10.98 US cent per share.<\/p>\n \u201cWe continue to target a total dividend payment of 25 per cent of profit after tax in respect of 2022,\u201d Mr MCarvill said.<\/p>\n The company said its 2023 ilmenite production guidance range was 1,050,000-1,150,000 tonnes. In 2020, Kenmare moved its mining infrastructure 23km along a purpose-built road from its previous mining area at Namalope to a new high-grade ore zone called Pilivili. The operation \u2014 the largest on-land infrastructure move ever undertaken in Africa \u2014 has facilitated increased production.<\/p>\n For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" By Eoin Burke-Kennedy Africa-Press – Mozambique. Kenmare Resources shipped a near-record level of ilmenite, a source of titanium, in the fourth quarter while improving its cash position and announcing an increased dividend. The Dublin- and London-listed company, which operates the Moma titanium mineral mine in Mozambique, is one of the leading producers of titanium minerals […]<\/p>\n","protected":false},"author":84,"featured_media":32721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-32722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\n