Kenmare Resources achieved an impressive health and wellbeing at Moma Titanium Minerals Mine last December.
The leading global producer of titanium minerals and zircon’s made the announcement for zero time injury attainment on its latest trading update for the full year 2023. The report also highlighted successes in the fourth quarter ending 31 December 2023.
“Kenmare achieved two million hours worked without a lost time injury in December 2023. It is encouraging to see a return to strong safety performance as the health and wellbeing of our team at the Moma Mine is our highest priority,” said Michael Carvill, Managing Director of Kenmare.
The development comes at the backdrop of several headwinds the company faced as markets for its products were challenging in 2023 due to global economic uncertainty, resulting in lower pricing.
“However strong pigment production in China and the thriving titanium metal market drove demand for our high-quality ilmenite, relative to other titanium feedstocks,” said Carvill.
He further highlighted that demand for Kenmare’s products remained relatively robust in 2023, although prices decreased through the year due to weaker global economic activity.
“Despite this short-term pressure, the company believes the fundamentals for its products are strong, due primarily to medium- and long-term supply constraints within the titanium feed-stocks industry.”
Despite challenges the company made $31 million of debt repayments, paid $58 million in dividends, bought back $30 million in shares, began the capital investment for the transition to Nataka, and finished the year with $21 million net cash in 2023.
“We expect total 2023 dividends to be approximately $50 million.”
