Kenmare Resources plc Reports Production Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Production Guidance for the Year 2017
For the year 2016, the company mined 30,010,000 tonnes of ore at an average grade of 5.06% and produced Heavy Mineral Concentrate production increased 28% to 1,405,500 tonnes against 1,100,600 tonnes for the same period in the last year. Ilmenite production increased 18% to 903,300 tonnes against 763,500 tonnes for the same period in the last year. Zircon production increased 32% to 68,200 tonnes against 51,800 tonnes for the same period in the last year. Total shipments of finished products were up 28%, setting a record of 1,024,200 tonnes shipped against 800,400 tonnes for the same period in the last year. Net debt declined by 87% at the end of 2016 to USD 44.9 million.
For the year 2017, the company expected ilmenite production of 950,000 to 1,050,000 tonnes. Zircon of 72,000 to 83,000 tonnes. Rutile of 9,000 to 10,000 tonnes.