Kenmare Resources Announces Ilmenite Production Down 7% in Q1 Rutile Production Up 5%

Kenmare Resources released its first quarter announcement, with its managing director Michael Carvill stating:

"Strong market conditions for all our products continued into the first quarter of 2022 due to low inventories in global supply chains
.
Realised ilmenite prices rose for the sixth consecutive quarter , this positive momentum will continue into the second quarter
of

2022.
Production in the first quarter of 2022 was lower than we expected due to adverse weather conditions
.
However, the weather at the mine usually improves after the first quarter, and we Continue to maintain production guidance for the year
.
”

Heavy Mineral Concentrate (“HMC”) production increased by 6% to 384,700 tonnes in Q1 2022 (Q1 2021: 361,900 tonnes), benefiting from increased ore excavation 5%, partially offset by a 3% drop in ore grade
.


In the first quarter of 2022, ilmenite production fell by 7% to 256,800 tons (Q1 2021: 275,100 tons), and zirconium concentrate production fell by 3% to 12,900 tons (Q1 2021: 13,300 tons), The main reason is a 5% reduction in HMC processed
.


Rutile production increased by 5% to 2,000 t (Q1 2021: 1,900 t), thanks to higher recoveries; while zircon sand mine production increased by 20% to 10,700 t (1st quarter 2021: 1,900 t) Quarter: 8900 tons), this was due to the disposal of stored stocks
.


Total shipments of finished goods fell by 33% to 231,500 tonnes in the first quarter of 2022 (Q1 2021: 344,400 tonnes) due to delays in chartered vessels by customers due to adverse weather conditions and a tight shipping market
.