Thursday, May 9, 2024
spot_img

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.

Entrevistas Relacionadas

Study reveals natural gas potential in Niassa’s Maniamba Basin

A group of scientists is studying the energy potential...

Sasol invests 40 million dollars in local companies

Sasol Mozambique has demonstrated its commitment to local economic...

Temane-Maputo power line substations to be tested from May

Reliability tests on the equipment installed at the three...

ExxonMobil analyzes dates for crucial announcement of gas project in Mozambique

ExxonMobil intends to announce the Final Investment Decision...