Mozambique mineral sands miner Kenmare Resources increased profit by four-fold in the first half of 2011 driven by an upturn in sales volumes and prices.
The company, which is headquartered in Ireland, reported operating profits (EBITDA*) of $19.7m., up from $4.4m. in the first half of 2010. Sales rose 38% to $40.6m.
Kenmare is in the process of expanding the capacity of its Moma mine in Mozambique to capitalise on soaring prices for ilmenite, rutile and zircon products.
Ilmenite production...