Kenmare Resources announced that its Moma project mineral concentrate output had increased by 8% in the second half of last year as compared to the first half.
Listed on the Irish and London Stock exchanges the company is happy at the increase as this was despite mining operations being halted for a month due to a tailings pond breach in October. This caused water, sand and clay to flow thorugh a nearby village in northern Mozambique near the Moma mine.
Mining operations were resumed on November 9, 2010 after extensive repairs ensured that there would be no repetition of the spillage. The mine has been operating at full capacity levels since then.
The Dublin based company said that the production of ilmenite had increased by 12 % and the output of zircon had gone up by 21 %. The output of heavy concentrate rose to 496,190 metric tons in the last six months of 2010.
The producer of titanium minerals has seen Mona output almost reach capacity and the Kenmare management is already set with an expansion program. The proposed expansion will help to improve the production capacity at the mine by 50 %. Analysts agree that now is a good time to invest in the company.