Kenmare Resources (CDI) (KMR)

Sector:

Mining

Index:

FTSE Small Cap

420.00p
   
  • Change Today:
    -1.00p
  • 52 Week High: 466.00
  • 52 Week Low: 190.00
  • Currency: UK Pounds
  • Shares Issued: 109.74m
  • Volume: 6,349
  • Market Cap: £460.89m
  • RiskGrade: 183

Kenmare Resources lowers ilmenite production guidance

By Josh White

Date: Tuesday 17 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Titanium minerals and zircon producer Kenmare Resources, which operates the Moma Titanium Minerals Mine in northern Mozambique, announced on Monday that it no longer expected to achieve its full year 2019 production guidance of between 900,000 and 960,000 tonnes of ilmenite.
The London and Dublin-listed firm said 2019 ilmenite production was now expected to be up to 3% below the lower end of the guidance range, and added that guidance for all other products and shipping volumes remained unchanged.

It explained that, following the successful automation of WCP B's dredge, the company was in the process of automating the first of the two dredges at WCP A, with the objective of increasing plant throughput and utilisation.

"Implementation of this project has been more challenging than expected, resulting in unplanned production downtime, and tipping the balance of Kenmare's 2019 ilmenite production below 900,000 tonnes," the board said.

"In recent weeks, the company has also experienced reduced power reliability, due to upgrade work being undertaken on the national power grid, contributing to decreased heavy mineral concentrate production during the fourth quarter of 2019.

"This upgrade work on the transmission grid is now complete."

As a result, full-year 2019 ilmenite production guidance was being revised to between 870,000 and 900,000 tonnes.

Kenmare said that, while total cash operating cost guidance remained unchanged at between $151m and $167m, cash operating cost per tonne guidance was being revised to $160 and $165 per tonne from between $150 and $160 per tonne, due to reduced production volumes.

Full-year 2019 production guidance for Kenmare's co-products was maintained at between 44,500 and 52,000 tonnes of primary zircon, 8,100 to 9,500 tonnes of rutile and 33,500 to 43,500 tonnes of concentrates.

"Kenmare also still expects total shipments in full-year 2019 to be above one million tonnes, due to strong inventory availability, and the company continues to experience tight market conditions and upward price momentum for titanium feedstocks," the board added.

At 0952 GMT, shares in Kenmare Resources were down 2.28% in London at 214p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

KMR Market Data

Currency UK Pounds
Share Price 420.00p
Change Today -1.00p
% Change -0.24 %
52 Week High 466.00
52 Week Low 190.00
Volume 6,349
Shares Issued 109.74m
Market Cap £460.89m
RiskGrade 183

KMR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
39.79% above the market average39.79% above the market average39.79% above the market average39.79% above the market average39.79% above the market average
96.69% above the sector average96.69% above the sector average96.69% above the sector average96.69% above the sector average96.69% above the sector average
Price Trend
86.88% above the market average86.88% above the market average86.88% above the market average86.88% above the market average86.88% above the market average
81.68% above the sector average81.68% above the sector average81.68% above the sector average81.68% above the sector average81.68% above the sector average
Income
5.05% above the market average5.05% above the market average5.05% above the market average5.05% above the market average5.05% above the market average
52% below the sector average52% below the sector average52% below the sector average52% below the sector average52% below the sector average
Growth
78.93% above the market average78.93% above the market average78.93% above the market average78.93% above the market average78.93% above the market average
93.55% below the sector average93.55% below the sector average93.55% below the sector average93.55% below the sector average93.55% below the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
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KMR Dividends

  Latest Previous
  Final Interim
Ex-Div 15-Apr-21 24-Sep-20
Paid 19-May-21 23-Oct-20
Amount 7.69¢ 2.31¢

Trades for 02-Aug-2021

Time Volume / Share Price
16:38 1,300 @ 420.21p
16:35 376 @ 420.00p
16:29 48 @ 421.00p
16:29 43 @ 421.00p
16:29 155 @ 424.00p

KMR Key Personnel

Finance Director Tony McCluskey

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