23rd Jan 2014 08:58
LONDON (Alliance News) - Kenmare Resources PLC. (KMR.L) provided a trading update on its Moma Mine for the fourth quarter. In its Moma Mine, Kenmare mined 7.66 million tonnes of ore at a grade of 6.3% in the fourth quarter of 2013, compared to 3.48 million tonnes of ore at a grade of 5.70%.
Kenmare's Moma Mine produced 311,000 tonnes of HMC in the fourth-quarter, compared with 157,000 tonnes of HMC in the fourth quarter of 2012. Whilst ore grade was approximately 11% higher and mining conditions improved, the principal driver of the additional 98% HMC production was the completion and ramp-up of the new dredge and concentrator plant in a second mine pond as part of the expansion of the Mine during the second half of 2013.
In Moma Mine, Shipments of finished products in the fourth quarter 2013 were 236,400 tonnes, up from 204,100 tonnes shipped in the fourth quarter 2012.
"As the expansion project is now operating, management focus is to ensure the new facilities smoothly integrate with the original plant and to deliver increased production. Management will optimise efficiencies within operations with a view to achieving unit cost savings. In respect of Kenmare's capital structure, the Company is in on-going discussion with lenders with a view to optimising the terms of the project financing. We are also encouraged by improvements in the level of global economic activity, which should ultimately flow through to improved feedstock and zircon demand," the company said.
Copyright RTT News/dpa-AFX
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