IN BRIEF: Kenmare Resources triples annual payout as profit soars
Kenmare Resources PLC - operates Moma titanium minerals mine in northern Mozambique - Pretax profit jumps to USD137.3 million in 2021 from USD22.8 million in 2020, as revenue nearly doubles to USD455.9 million from USD243.7 million. Credits higher average prices received and record production volume. Increases dividend payout rate to 25% of profit after tax from minimum policy of 20%, declaring a final dividend of 25 US cents for a full-year payout of 32.71 US cents, up from 10.00 cents in 2020. Kenmare produces 1.6 million tonnes of heavy mineral concentrate in 2021, up 30% from 1.2 million in 2020. Ilmenite production is 1.1 million tonnes, up from 756,000, as more HMC is processed. Says production in the first quarter of 2022 has been hurt by bad weather, but it remains on track for its 2022 guidance. Back in January, Kenmare guided for 1.1 million to 1.2 million tonnes of ilmenite output in 2022. Read More