Interim Management Statement
(Thomson Reuters ONE) - Kenmare Resources plc ("Kenmare" or "the Company")18 November 2009Interim Management StatementKenmare Resources plc, issues the following Interim ManagementStatement for the period 1 July 2009 to 18 November 2009, inaccordance with reporting requirements of the EU TransparencyDirective.Production performance at the Company's Moma Titanium Minerals Minein Mozambique has continued to improve quarter on quarter.Significant progress has been made in both the mine and the mineralseparation plant. The mining operation produces heavy mineralconcentrate which is separated in the mineral separation plant toproduce final products ilmenite, zircon and rutile. Third quarterproduction of heavy mineral concentrate from the mine was 230,000tonnes, up 30% compared with quarter two. The mine is currentlyoperating at full design production levels with 97,000 tonnes ofheavy mineral concentrate produced in October.The mineral separation plant is now capable of operating at thetarget feed rate of 135tph and plant optimisation work is underway tofurther improve recovery rates. Ilmenite production in the thirdquarter was 130,000 tonnes, up 23% compared to the second quarter.October production at 51,000 tonnes continues this improvement.Zircon production for the third quarter remained static at 6,000tonnes, mainly as a result of delayed delivery of additionalequipment and disruption associated with the implementation ofcircuit changes. These changes to both the zircon and rutile circuitshave recently been commissioned and are now being optimised. It isanticipated that ilmenite output will be close to full capacity bythe end of the year and zircon output will be at 80% of target,reaching full capacity in the first quarter of 2010 following thecompletion of plant optimisation work.Shipping volumes for the third quarter were 131,000 tonnes, a 38%increase in tonnages shipped in quarter two. The marine operation hasbeen further strengthened with Kenmare's purchase of a secondtranshipment barge and tug combination which will increase load outcapacity at Moma as well as reducing operational risk. Arrangementsare being made to transport these vessels to Moma next year.Titanium feedstock demand, which declined in the first two quartersof 2009 due to a combination of weak demand and inventoryde-stocking, showed signs of recovery in the third quarter as themajor pigment producers reported expectations of more favourablemarket conditions for the remainder of 2009. The industry forecastfor 2010 is for a further rebound in pigment demand.As the pigment sector accounts for around 92% of titanium feedstockdemand, the expected recovery in pigment demand will have a positiveeffect on TiO2 feedstock consumption during this period withsignificant re-stocking expected over the coming months as pigmentproducers continue to ramp-up production.In October, Kenmare's development association, KMAD, was awarded aprestigious Nedbank Capital Green Mining Award for its activitiesaimed at social and economic enhancement of the communitiessurrounding the Moma Mine. This followed the presentation to Kenmarein September of the President's Award for the best International CSRProgramme from the Chambers of Commerce of Ireland, in associationwith the Irish Government Department of Community Affairs. KMADworks alongside the community, business, Non-GovernmentalOrganisations and Government to run and support projects ineducation, income generation, health, savings & credit, sports andfood security.The Directors are pleased to announce that each of the resolutionsproposed at the Extraordinary General Meeting of the Company heldtoday were passed. The resolutions provided for the increase inauthorised share capital, renewal of directors' authority to allotand issue shares and to authorise the calling of an ExtraordinaryGeneral Meeting on 14 days notice. The increase in authorised sharecapital was necessary to provide headroom for the exercise ofoutstanding warrants. The full text of each resolution was set out inthe Notice of Extraordinary General Meeting that Kenmare circulatedto the Shareholders on 26 October, 2009.For more information:Kenmare Resources plcMichael Carvill, Managing DirectorTel: +353 1 671 0411Mob: + 353 87 674 0110Murray ConsultantsJim Milton/Joe HeronTel: +353 1 498 0345Mob: + 353 86 255 8400Conduit PR LtdLeesa Peters/Charlie GellerTel: +44 207 429 6600Mob: +44 781 215 9885www.kenmareresources.com---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.11.2009 - 15:55 Uhr
Sprache: Deutsch
News-ID 8581
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 219 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Interim Management Statement"
steht unter der journalistisch-redaktionellen Verantwortung von
Kenmare Resources (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
