Kenmare Resources 1Q production lower than expected; backs 2022 guidance

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Kenmare Resources 1Q production lower than expected; backs 2022 guidance

12:43 CAT | 14 Apr 2022

Kenmare Resources PLC said Thursday that its production was lower than expected in the first quarter, hit by poor weather conditions, though the company backed its full-year guidance.

The owner of the Moma titanium minerals mine in Mozambique said ilmenite production–its primary product–amounted to 256,800 metric tons in the first quarter, up 4% from the fourth quarter of 2021. In addition, primary zircon rose 4%, though rutile and concentrates both fell 5%, it said.

The company said markets for all of its products remain strong, with further price increases received in the first quarter for the sixth consecutive quarter.

Kenmare backed its full-year guidance. In January, it said its ilmenite production guidance range is 1.1 million to 1.2 million tons. Its guidance range for primary zircon is 54,400 to 63,200 tons.

Shares at 0721 GMT were up 2.0 pence, or 0.4%, at 515.0 pence.

$KMR has announced its Q1 2022 #Production Update. We achieved our lowest ever Lost Time Injury Frequency Rate of 0.00, representing zero Lost Time Injuries during the past 12 months, which is a new company #record https://t.co/rb5b3BjJUi #mining #mozambique pic.twitter.com/iyT9rJ1xaI

— Kenmare Resources Plc (@KenmareRes) April 14, 2022