United States

Kenmare Resources PLC (JEV.L)

JEV.L on London Stock Exchange

17 Aug 2017
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Latest Key Developments (Source: Significant Developments)

Kenmare sees further production increases and cost reductions in 2017
Wednesday, 22 Mar 2017 03:00am EDT 

Kenmare Resources Plc : Reg-2016 preliminary results . Company expects further production increases and unit cost reductions in 2017 . Contract prices set for h1 2017 will also benefit from rise in spot prices experienced in 2016. . Net debt declined by 88 pct at end of 2016 to us$44.8 million following recapitalisation . Fy record annual production of ilmenite, rutile and zircon . Fy hmc production increased 28 pct to 1,405,500 tonnes . Fy total shipments of finished products increased 28 pct, setting a record of 1,024,200 tonnes shipped . Fy zircon production increased 32 pct to 68,200 tonnes . Fy ebitda increased to us$5.2 million in 2016 from negative us$11.5 million in 2015 . Fy cash operating costs declined 18 pct to us$136 per tonne of final product . Fy ilmenite production increased 18 pct to 903,300 tonnes . Fy hmc production increased 28 pct to 1,405,500 tonnes . "Product market recovery remains at an early stage and we believe higher prices will be required to meet growing titanium feedstock demand." .Demand for ilmenite has grown strongly through 2016, resulting in significant price increases since market bottomed in q2 2016.  Full Article

Kenmare sees production of all final products within previous guided range
Thursday, 13 Oct 2016 02:00am EDT 

Kenmare Resources Plc : Production of total finished products was a quarterly record for Q3 2016 and MOMA is on track to achieve record finished product output for full year . Ore mined in q3 2016 decreased 21 pct to 7,160,800 tonnes compared to equivalent period in prior year (Q3 2015: 9,057,500 tonnes) . Production of heavy mineral concentrate in Q3 2016 decreased 4 pct to 325,100 tonnes (Q3 2015: 339,600 tonnes) .Production of each final product is expected to be within the range of guidance provided at the beginning of the year.  Full Article

Kenmare Resources says secures $275 million of equity commitments
Thursday, 30 Jun 2016 12:16pm EDT 

Kenmare Resources Plc : $275 million of equity commitments secured, enabling capital restructuring and open offer to proceed . Comprises us$100 million in Cornerstone placing, us$145.7 million cash commitments under firm placing, and us$29.3 million under lender underwriting .Completion of capital raise will reduce debt by not less than us$292.5 million to no more than us$100 million and provide company with us$75 million for working capital.  Full Article