Doc re. Moma Update
(Thomson Reuters ONE) - Kenmare Resources plc ("Kenmare" or "the Company")26 January 2010 Moma UpdateProductionDuring the fourth quarter of 2009, production of heavy mineral concentrate atthe Company's Moma Titanium Minerals Mine increased by 22% (from 230,000 tonnesto 280,200 tonnes) compared to the previous quarter. Production of heavy mineralconcentrate is now at full design level.Processing of this concentrate resulted in a 13% increase in production offinished ilmenite (from 130,000 tonnes to 147,100 tonnes) compared to theprevious quarter. Zircon production in the fourth quarter was at similar levelsto the previous quarter at 5,400 tonnes, mainly as a result of disruptions tozircon production associated with the implementation of further metallurgicaloptimisation projects. Since year end, additional equipment has beencommissioned in the zircon circuit and zircon production has improvedsignificantly.Tonnage of finished products delivered to customers' vessels was up 6% in thefourth quarter (from 131,000 tonnes to 139,000 tonnes) compared to the previousquarter, continuing the upward trend in production and shipments shown inprevious quarters.In the second half of 2009, production of heavy mineral concentrate increased by61% to 510,200 tonnes compared to the first half of 2009; ilmenite productionincreased by 39% to 276,358 tonnes compared to the first half of 2009; andtonnes of finished products shipped increased by 83% to 270,000 tonnes comparedto the first half of 2009.The mineral separation plant is now capable of operating at the target feedrate. However, the recovery of minerals in this plant is below target. It isexpected that existing metallurgical optimisation projects should bring theserecoveries to target levels during the first half of 2010.The plant configuration is such that rutile and zircon production areinterlinked and hence it is expected that improvement in rutile output willfollow the optimisation of the zircon circuits currently in progress. Themajority of this work is expected to be completed during the first quarter of2010.Expansion StudyIn January 2010, Kenmare completed an Expansion Study, utilising the services ofa number of independent consultants, investigating plans for increasingproduction at its Moma Mine which resulted in options for potential increases inproduction by approximately 50% to 1.2 million tonnes of ilmenite per annumplus associated co-products. Kenmare has commenced a detailed engineering studyunder the supervision of Aker Solutions E&C Limited. This study is expected tobe completed by the end of the second quarter of 2010.Under such plans, Kenmare would expect to both significantly increase existinglevels of production and also extend the life of the mine by expandingoperations to the adjacent Nataka resource, which contains in excess of 140million tonnes of heavy mineral and is expected to sustain production wellbeyond 2050.The Company will continue to evaluate the results of this study and the ongoingdetailed Engineering Study when completed and monitor the outlook for the endmarkets for its products.Market UpdateThe current market outlook is for a continued rebound in pigment demand in 2010that is expected to lead to strong demand for titanium minerals, principallydriven by increased demand from China and other developing countries. Demand forzircon is also expected to rebound strongly in 2010 led by growth in China and arecovery in Europe. Kenmare's supply and demand analysis and that of othertitanium industry analysts indicate that the industry will experience strongdemand growth over the next five years.Kenmare's Chairman, Charles Carvill, said:"We are delighted with the continued production improvements at Moma and theimproving market outlook for titanium minerals and zircon. We believe thatKenmare is well placed to take advantage of these strong markets given its largeresource base at Moma and its facilities at the mine. With the completion of therecent Expansion Study the Company has taken an important first step towardsputting itself in a position to further capitalise on this market opportunityshould it seek to do so."For more information:Kenmare Resources plcMichael Carvill, Managing DirectorTel: +353 1 671 0411Mob: + 353 87 674 0110Murray ConsultantsJim Milton/Joe HeronTel: +353 1 498 0300Mob: + 353 86 255 8400Conduit PR LtdLeesa Peters/Charlie GellerTel: +44 207 429 6600Mob: +44 781 215 9885 www.kenmareresources.com
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Datum: 26.01.2010 - 04:58 Uhr
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