Titanium and zircon miner Kenmare Resources has reported higher revenue and profits for the first six months of the year to the end of June.
Revenue increased by 9% to $182.1 million, up from $167.8 million during the same period last year.
It said this was driven by a 52% increase in the average received price to $429 per tonne, from $282 per tonne during the same period last year.
Earnings before interest, taxes and amortisation (EBITA) increased 28% to $105.5 million, resulting in a 30% increase in profit after tax to $62.5 million.
Michael Carvill, Managing Director of Kenmare Resources said this gave them the confidence to increase their interim dividend to USc10.98 per share.
“This represents a 51% increase compared to last year’s interim dividend, benefitting from the share buy-back completed in December 2021,” Mr Carvill said.
Mr Carvill said after a “challenging” first five months of the year, production improved in May and this has continued for the 12 weeks since then.
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“At this run rate, we remain on track to achieve guidance, albeit at the bottom of the range,” he added.
“We ended the first half of the year with a robust balance sheet, having reduced net debt by $17.3 million. We expect that our financial position will continue to strengthen in H2 2022, as shipments are anticipated to increase and our order book is largely committed,” Mr Carvill said.