Kenmare Reaps 20 Year Ambitions
Irish-based Kenmare Resources has announced the production of 23,000t of ilmenite from its Mozambique project, following 20 years of development struggles.
The Moma Titanium Mineral Sands project is expected to hit full production within the next few months, when it is expected to become the third largest single mine for titanium dioxide and see sales of US$100m a year.
The production fulfills plans dating back to 1987, which have been hampered by failed joint ventures, a series of feasibility studies and Mozambique’s civil unrest, according to The Independent newspaper.
In 2004, Kenmare secured US$352m for the mine – which was competed last year – and was the largest structured finance package for a group outside the FTSE 100.
By staff writer