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Kenmare Resources PLC - Dublin-based titanium minerals and zircon producer operating Moma mine in northern Mozambique - Pretax profit in six months to June 30 rises 36% year-on-year to $68.6 million from $50.6 million. Revenue grows 11% to $197.3 million from $178.2 million. Declares interim dividend of 10.98 US cents, a sharp jump from the 7.29 cents paid out the year prior.
Heavy mineral concentrate production slips 8% to 738,300 tonnes from 798,500 tonnes, but average price received per tonne jumps 52% to $429 from $282.
‘After a challenging first five months of the year, production improved in late May and this has continued for the 12 weeks since then. At this run rate, we remain on track to achieve guidance, albeit at the bottom of the range,’ Managing Director Michael Carvill says. ‘We expect that our financial position will continue to strengthen in the second half, as shipments are anticipated to increase and our order book is largely committed.’
Current stock price: 466.50 pence, down 1.8% on Wednesday
12-month change: up 10%
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