4th Jun 2019 15:42
LONDON (Alliance News) - Kenmare Resources PLC has approved the relocation of a wet concentrator plant at the Moma titanium minerals mine, it said Tuesday.
This follows a feasibility study for the move at the mine, located in northern Mozambique.
Kenmare is to move the plant to the Pilivili ore zone at Moma, and this represents the last of three internal growth projects to boost output at Moma to 1.2 million tonnes of ilmenite a year. Ilmenite is an ore of titanium.
Ilmenite production in 2018 from Moma was 958,500 tonnes, down 4% year-on-year.
"The results of the feasibility confirm our plans for relocating wet concentrator plant B to Pilivili. Kenmare is on track to deliver a 20% increase in production at Moma on a sustainable basis from 2021 and the move of the plant to Pilivili will be the final step in achieving this goal," said Managing Director Michael Carvill.
He added: "Earlier this month we received the first of two environmental permits required for the relocation and we expect to receive the second in third quarter 2019, with the construction of the purpose-built road commencing immediately thereafter. I look forward to providing further updates on our progress with this growth project during the coming 18 months."
Shares were 3.6% lower on Tuesday afternoon at 189.00 pence each.
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