Mining company Kenmare, which extracts heavy sands in the north of the country, expects "a robust market, with strong prices achieved in the fourth quarter of 2022", it announced in a statement with its 2022 balance sheet..

"The year 2022 was another good year for Kenmare, with ilmenite production of 1,088,300 tons, despite the challenges of power outages in the fourth quarter," announced Michael Carvill, managing director, in a communication to investors, quoted by Lusa.

"As China further relaxes restrictions on covid-19, we expect increased demand to support our sales in the region," he said.

The high price of heavy minerals has allowed Kenmare to repay debt of around 83 million dollars and move to a liquidity situation of around 27 million dollars, he said.

"This is an improvement of 110 million on the previous year, in addition to the record dividend payment" to investors, he stressed.

By 2023, the company has set itself the target of achieving ilmenite production in the range of 1,050,000 to 1,150,000 tons.

Kenmare is one of the world's largest producers of mineral sands, listed on the London and Dublin stock exchanges, and production at Moma, in the northern province of Nampula, accounts for approximately 8% of global titanium raw materials.

The company supplies customers operating in more than 15 countries who use heavy minerals in paints, plastics and ceramics.