Kenmare Resources 2013 final Results

DividendMax Ltd.

Kenmare Resources 2013 final Results


  • Phase II expansion complete with new dredge, Wet Concentrator Plant B ("WCP B") and all processing plants becoming operational during 2013 

  • Ore mined up 22% to 23,951,200 tonnes (2012: 19,588,800 tonnes)  

  • Production of heavy mineral concentrate ("HMC") up 47% to 1,137,200 tonnes (2012: 772,300 tonnes) 

  • Production of ilmenite up 25% to 720,100 tonnes (2012: 574,500 tonnes) 

  • Production of zircon down 33% to 31,400 tonnes (2012: 46,900 tonnes) 

  • Revenues US$137.9 million (2012: US$234.6 million) excluding capitalised revenues of US$23.6 million  

  • EBITDA ofUS$29.0 million (2012: US$98.9 million) 

  • Loss after tax of US$44.1 million for 2013  after foreign exchange and financing charges (2012: US$49.5 million profit)  

  • Total assets increased to US$1.1 billion (2012: US$994 million) 

  • Debt restructuring completed in February 2014 

Michael Carvill, Managing Director, said:

"2013 saw the end of a long period of investment in Moma.  With the expansion complete and commissioned, and with the capital cost behind us, the Moma Mine will reap the benefits of this investment not only in 2014 but for years to come.  We are continuing to improve the efficiency of our business and drive down our cost per tonne, whilst tackling the challenges of maintaining consistent power to our operations."

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