The managing director of Kenmare Resources has said its titanium mineral mine in Mozambique has sufficient resources to support production – at the current rate – for more than 100 years and that the company had no plans to seek licences elsewhere.

Michael Carvill was speaking as the Dublin and London-listed mining firm reported record half-year profits of $48 million, up 278 per cent on last year, on the back of increased production and shipment volumes.

The company is one of the leading producers of titanium minerals in the world and the single largest supplier of ilmenite, a major source of titanium.

Titanium pigment is used in a myriad of consumer products while titanium metal is used widely in the aerospace and medical implant industries.

Revenue

Kenmare reported a 51 per cent increase in revenue for the six months to the end of June to $178.2 million as sales volumes rose 44 per cent and sales prices increased by 5 per cent.

The strong performance saw the company increase its interim dividend to 7.29 US cent per share, more than triple last year's equivalent.

Mr Carvill said Kenmare's results were driven by a pick-up in global economic activity post-Covid and a shortage of titanium supplies generally.

He linked the shortage of supply to a sustained period of low prices for titanium pigment and feedstocks, which typically trigger lower levels of investment.

Mr Carvill told The Irish Times that the company had "no M&A (mergers and acquisitions) plans" outside of its Moma mine in Mozambique, which he said, had a sufficient resource base to last it 100 years.

Also rea: Mozambique: Kenmare sets record for ilmenite production

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