27th Jul 2015 09:08
LONDON (Alliance News) - Kenmare Resource PLC Monday said total shipments of finished products in the first half of 2015 increased 3% year-on-year despite production being plagued by problems during the period.
Shipments totalled 412,000 tonnes in the period, rising from 399,000 tonnes in the same period last year.
"Production in the first half of 2015 was severely impacted by weather-related power outages in the first quarter. Production in the second quarter improved, though remained hampered by remedial work to the power line and unofficial industrial action in June - reducing operating hours for the plant," Managing Director Michael Carvill said.
Ilmenite production in the first-half decreased 27% to 324,100 tonnes, while zircon production increased 11% to 23,800 tonnes from last year. Heavy mineral concentrate production declined 25% to 454,500 tonnes. Rutile production remained flat with last year at 2,800 tonnes from a year ago.
"The outlook for production in the second half looks stronger as the national power utility commissions equipment that will increase grid power capacity and stability," Carvill added.
Kenmare shares were down 1.3% to 3.52 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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