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Kenmare is bullish as its losses narrow
IRISH mining firm Kenmare Resources yesterday posted a narrower full-year loss yesterday, driven mainly by foreign exchange gains and stronger demand from Europe and Asia, and said it was on track to increase its production capacity by 50 per cent in 2012.
The Dublin-based miner, which started work at the Moma titanium mineral mine in Mozambique in 1987, said the mine was operating well and production was broadly in line with expectations.
Pre-tax losses for 2010 were $16.3m (£10m), compared with $30.4m a year ago. The results were boosted by forex gains of $16.7m, compared with a forex loss of $2.9m last year.
Revenue rose more than three times to $91.6m.