Wednesday, July 24, 2024

Kenmare Resources’ tax contribution reaches 1.9 billion meticais in 2023

Kenmare Resources, one of the main global titanium and zircon producers, responsible for operating the Moma mine in Nampula province, northern Mozambique, announced that in 2023 it paid a total of 1.9 billion meticais (30.5 million dollars) to the state in taxes and fees.

Of this amount, approximately 1.2 billion meticais (19.7 million dollars) was earmarked for fees, 644.6 million meticais (10.2 million dollars) for royalties and 31.8 million meticais (504,000 dollars) for licenses and concessions, according to the Lusa news agency on Monday (13).

In the financial context, Kenmare Resources reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 220 million dollars (13.9 billion meticais) for the year 2023, representing a reduction of 26% compared to the previous year. In March this year, the Board of Directors declared a distribution of 50 million dollars (3.1 billion meticais) to shareholders, an increase of 3% on the previous year.

The company, listed on the London and Dublin stock exchanges, recorded a 4% increase in total operating costs in cash, reaching 228 million dollars (14.4 billion meticais), due to the rental of more heavy mobile equipment and higher fuel costs. Production of heavy minerals (HMC) fell by 9% due to lower ore grades and extraction rates affected by power interruptions and lightning strikes.

Kenmare Resources plays a significant role in Mozambique’s economy, accounting for approximately 7% of global titanium raw materials.

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