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(Kitco News) - Kenmare (LSE: KMR), one of the leading global producers of titanium minerals and zircon, reported today that heavy mineral concentrate (HMC) production decreased 18% in Q1 2023 to 315,000 tonnes (Q1 2022: 384,700 tonnes), heavily impacted by the lightning strike and lower recoveries.
The company added that ilmenite production decreased 20% in Q1 2023 to 204,300 tonnes (Q1 2022: 256,800) and primary zircon production decreased 12% to 11,400 tonnes (Q1 2022: 12,900 tonnes) due primarily to lower HMC availability.
The company’s rutile production decreased 15% to 1,700 tonnes (Q1 2022: 2,000 tonnes), in line with lower HMC consumption. Concentrates production decreased 6% to 10,100 tonnes (Q1 2022: 10,700 tonnes) benefitting from the processing of stockpiles.
However, according to a press release, total shipments of finished products increased 17% in Q1 2023 to 271,700 tonnes (Q1 2022: 231,500 tonnes), benefitting from increased transshipment capacity and availability of ocean-going vessels.
Importantly, the company said that the market for ilmenite stabilized in Q1 2023, at lower levels than Q4 2022, with evidence of spot price increases in recent weeks.
Kenmare also reiterated its 2023 production guidance for all products, with ilmenite and rutile expected to be towards the bottom end of the guidance range.
Kenmare Resources is one of the world's largest producers of mineral sands products. Kenmare operates the Moma titanium minerals mine in Mozambique. Moma's production accounts for approximately 7% of global titanium feedstocks and the company supplies to customers operating in more than 15 countries.
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