Kenmare Resources

Kenmare Resources plc
Public
Traded as LSE: KMR, ISEQ: JEV
Industry Mining
Founded 1985
Headquarters Dublin, Republic of Ireland
Key people
 Charles Carvill, Chairman
Michael Carvill, Managing Director
Revenue $137.9 million (2013)[1]
$4.7 million (2013)[1]
$(44.1) million (2013)[1]
Website www.kenmareresources.com

Kenmare Resources plc is a mining company based in the Republic of Ireland. It is listed on the Irish Stock Exchange and the London Stock Exchange.

History

The company was founded by Charles and Michael Carvill in 1986 to exploit mineral wealth in Mozambique.[2] A tailings dam from mineral processing failed on 8 October 2010, destroying a nearby native village and leaving one 4 year old child missing; mining resumed the following month after some 300 homes had been rebuilt.[3]

Operations

The Company's principal asset is the Moma mineral sands mine, formally known as the Moma Titanium Minerals Mine, located in Moma, Nampula Province, Mozambique. It has been in production since late 2007.[4] The mine produces 7% of the world’s ilmenite, the main source of titanium metal and titanium dioxide, used as a white pigment in paint. It also produces 4% of the world’s zircon, a source of zirconium metal.[4]

By 2016 the mine had fallen into financial crisis due to a worldwide drop in mineral prices, flooding in northern Mozambique, and power outages in the Moma District region.[5] Prices for titanium fell by about a third between 2012 and 2015,[6] and floods that caused power outages impacted the company's production. [7] The mine suspended operations in June 2015 in the face of industrial action by employees unhappy about the company's cost-cutting measures. Successful negotiation between the union, the company and the Ministry of Labour had resulted in agreement on somewhat less drastic measures involving fewer layoffs than originally announced. The industrial action was not organized by the union.[8] Operations resumed in early July.[9]

References

  1. 1 2 3 Preliminary Results 2013
  2. ↑ Chairman's Statement
  3. ↑ Questor share tip: Mozambique incident upsets Kenmare Resources Daily Telegraph, 12 October 2010
  4. 1 2 Kenmare Resources' £180m fundraising for expansion to exploit anticipated tightness in titanium Proactive Investors, 17 March 2010
  5. ↑ "Kenmare em crise financeira" [Kenmare In Financial Crisis]. O País (in Portuguese). Maputo, Mozambique: S-Imprensa. 2016-02-05. Retrieved 2016-02-07.
  6. ↑ Charlie Taylor (24 June 2014). "Production suspended at Kenmare's Moma mine". Irish Times. Retrieved June 5, 2016.
  7. ↑ MEGAN VAN WYNGAARDT (April 30, 2015). "Floods, power outages curb Moma output". Mining Weekly. Retrieved June 5, 2016.
  8. ↑ "Moma ops halted amid strike". Mining Weekly. June 24, 2015. Retrieved June 5, 2016.
  9. ↑ MEGAN VAN WYNGAARDT. "Operations resume at Kenmare's Moma mine". Mining Weekly. Retrieved June 5, 2016.

External links


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