Irish mineral exploration firm Kenmare Resources recorded a record year in production in 2016 at the company’s Moma Titanium Minerals Mine .
Kenmare reduced its net debt by 87pc over the course of the year to US$44.9m(€42.2m),down from US$353.5(€333m)in 2015.
Ilmenite production increased 18pc while Zircon production increased by 32pc.
“2016 saw Kenmare deliver a record year of both production and shipments of all products. Q4 2016 was another record quarter, continuing the increasing production to end and improving on the record set in the prior quarter. Production in 2017 is expected to rise further as mine optimisation continues, while unit costs of production are anticipated to fall further,” said Kenmare managing director, Michael Carvill.
The company added that it had a total of US$102.6 million in outstanding bank loans.
Kenmare said the outlook for ilmenite prices remains positive for 2017 with demand for ilmenite in China set to remain robust in the year ahead.