London-listed Kenmare Resources on Wednesday reported that its Wet Concentrator Plant C remained on track for commissioning before the end of the year.
The plant will contribute to the company increasing the ilmenite production at its Moma titanium minerals mine, in Mozambique, to 1.2-million tonnes a year.
Kenmare MD Michael Carvill stated that the ilmenite market remained tight in the third quarter of the year, with strong demand for ilmenite suitable for upgrading to slag driving prices higher, despite softer pigment market conditions.
“We have secured higher prices for ilmenite spot shipments in the fourth quarter.
“Although the zircon market has experienced some weakness so far in the year, we believe the fundamentals for all of our products remain positive, owing to emerging supply constraints,” he explained.
Meanwhile, the company will pay its maiden dividend on October 25.
Kenmare produced 304 100 t of heavy mineral concentrate in the third quarter, which is 9% higher year-on-year.
The company produced 230 800 t of ilmenite in the third quarter, compared with the 233 900 t produced in the third quarter of last year, while zircon production was 12 900 t in the third quarter, compared with the 10 200 t of zircon produced in the third quarter of last year.