Sunday, May 26, 2024

Kenmare’s profit falls due to market weaknesses and operational challenges

Kenmare Resources reported a drop in earnings before interest, taxes, depreciation and amortization (Ebitda) to 220 million dollars in 2023, representing a 26% reduction on the previous year. This decrease is attributed to market weaknesses and the operational challenges faced by the company.

Despite this, the Board of Directors announced a distribution for the year of 50 million dollars, an increase of 3% on the previous year, demonstrating confidence in the outlook for the current year. Revenue generated by the Moma Titanium Minerals mine in Mozambique increased by 12% to 437 million dollars.

Meanwhile, total cash operating costs increased by 4%, mainly due to the rental of more heavy equipment and higher fuel costs.

Looking ahead, Kenmare’s managing director, Michael Carvill, expressed confidence in next year’s production, expecting an improvement in the second half of the year.

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