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Kenmare Resources PLC on Thursday said it produced less mineral concentrate in its second quarter ended June 30 due to high levels of slime.
The company produced 353,600 tonnes of heavy mineral concentrate, down 19% from 436,600 tonnes a year ago. Higher slime levels led ‘to a 10% reduction in ore grades and an 8% reduction in excavated ore tonnes,’ Kenmare explained.
Ilmenite production fell 14% to 242,900 tonnes from 283,900 tonnes a year ago. The company expects production to be at the bottom of its 2022 guidance, which is around 1.125 million tonnes of ilmenite, slightly higher than the 1.119 million tonnes it produced in 2021.
The Dublin-based titanium minerals and zircon producer operates the Moma Titanium minerals mine in northern Mozambique.
The company is targeting a post-tax profit dividend payout ratio of 25% for 2022.
Kenmare Resources shares were 4.3% lower at 429.50 pence each in London on Thursday morning.
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