Kenmare, one of the world's leading producers of titanium and zircon minerals, which operates the Moma mine in northern Mozambique, posted record profits of 67.8 million dollars in the first half of the year, the mining company announced in a statement. 

According to company figures quoted by the Lusa news agency, first-half profits of 67.8 million dollars represented an increase of 8% compared to 2023.

In the note sent to the markets, the mining company states that it will pay an interim dividend of 17.5 dollars per share, an increase of 59% compared to the same period in 2022, as part of its policy of paying out 50 million dollars a year in dividends to shareholders.

However, not everything was rosy for the company. For example, production of heavy mineral concentrates (heavy sands) at the Moma mine fell by 14% in the first half of the year, to 633,900 tons.

Kenmare justifies the drop by the "severe impacts" of a lightning strike in the area, while total finished product fell by 10% to 472,600 tons and shipments went up by 31% to 556,800 tons.

"Production at the start of the year was even 'strong', but the half-year turned out to be below forecasts in terms of extraction. However, good product prices and strong shipment volumes in the first half of the year generated record revenues," explains the mine's project manager, Michael Carvill, in the note sent to the company's main client markets.

Kenmare is one of the world's largest producers of mineral sands, listed on the London and Dublin stock exchanges, and production in Mozambique 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.

Also yesterday, the mining company announced a share buyback operation for 30 million dollars, through a public offering, in accordance with its "policy of returning additional capital to shareholders when appropriate".

According to the company, the Moma mine contains reserves of heavy minerals including titanium, ilmenite and rutile, which are used as raw materials to produce titanium dioxide pigment, as well as the relatively high-value zirconium silicate mineral, zircon.