11th Mar 2015 08:27
LONDON (Alliance News) - Titanium miner Kenmare Resources PLC on Wednesday saw its shares drop in early trade after it said recent flooding in the Nampula Province in Mozambique had resulted in damage to a local power line.
Kenmare said the flooding in the north of the country has damaged the power line between the Moma Mine and the city of Nampula, resulting in an interruption to the supply of grid power to the mine. A joint team has been deployed by Kenmare and Electricidade de Mozambique, the local electricity distribution company, to start repairs.
Kenmare said the impact of the power outage will be mitigated by the significant levels of ilmenite product inventories the mine has on hand.
Shares in Kenmare were down 1.9% to 4.08 pence, having plunged to 2.964p at the open Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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