1st Feb 2016 09:47
LONDON (Alliance News) - Kenmare Resources PLC on Monday said production dropped in 2015 and said talks are still ongoing with its lenders.
The company said ore mined at the Moma titanium mine in Mozambique fell 19% for the full year to 27.5 million tonnes, down from 34.1 million tonnes a year earlier. The fall was primarily down to power interruptions at the project and flooding damage caused in the first quarter of the year.
Heavy mineral concentrate production fell 15%, ilmenite production decreased 11% and zircon production was down 2.0% for the year, though it said the quality of the zircon mined improved and secondary volumes were also higher.
The group added it has submitted a deleveraging plan to lenders for approval, including a USD100.0 million investment by State General Reserve Fund and a further capital raising as part of the restructuring of its balance sheet.
Shares in Kenmare were down 19% to 0.5266 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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