The Kenmare mining company, which extracts heavy sands in northern Mozambique, announced yesterday that it had achieved record financial performance in 2022.

"The year 2022 was a record period of financial performance for Kenmare," reads the preliminary results announcement, quoted by Lusa.

The results were due to "stable production volumes and record prices", with "mineral product revenues increasing by 18% and pre-tax profits increasing by 39% to 298 million dollars".

This year, electrical discharges from storms caused severe damage, but the company expects to remain within production forecasts for 2023.

"The market remains dynamic, albeit at levels marginally lower than the highs of the 3rd quarter of 2022, with strong demand," he concluded.

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